Capital gain on commercial property
This query is : Resolved
15 March 2014
I have purchased a residential property 3 months before selling my commercial property .the amount of purchase and sale was almost same but d amount used to purchase residential property was from loan taken from M/s ABC( a company not owned by me) . Now I have returned the loan amount by the sale of commercial property with interest on loan. Would I b still eligible for exemption from capital gain?? If yes den what are the court decision which I can refer.
16 March 2014
it is a simple logic, if you buy the house before the same of commercial property, it gets covered under 54F automatically. No need to look for case laws...how you used the consideration received is irrelevant.
16 March 2014
No actually my advocate told me I wont get d exemption under 54f since I have bought the property from other source and not the consideration amount. Purchase was done b4 d sale of commercial property.
16 March 2014
well your advocate is wrong!
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