Capital gain on purchase of commercial property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 January 2015
Dear sir
One of my customer has sold a herditary house property and then invested the whole amount is a commercial property. will this will get exemption from tax payment .The document of property purchased does not mention that it is commercial property. But mentioned only land and building. He has rented it out for keeping a godown.
kindly advise.
One of my customer has sold a herditary house property and then invested the whole amount is a commercial property. will this will get exemption from tax payment .The document of property purchased does not mention that it is commercial property. But mentioned only land and building. He has rented it out for keeping a godown.
kindly advise.
Amol S Joglekar
(Expert)
23 January 2015
The exemption is for purchase of Residential Property.
While stretching the imagination to other extreme, courts have given verdicts that the word residential should be construed as HABITABLE for residence.
If you are sure you can prove that your commercial premises is HABITABLE for residence, you may go ahead.
While stretching the imagination to other extreme, courts have given verdicts that the word residential should be construed as HABITABLE for residence.
If you are sure you can prove that your commercial premises is HABITABLE for residence, you may go ahead.
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