Capital gains

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obeid (Querist)
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24 August 2011 1) A property has been sold by Mr X , can he claim capital gain exemption for the same by purchasing another also note that he has two more properties in his name.
2) What are the tax implication if he does real estate business i.e., selling and buying with those properties ( holding for more than 3years)?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 August 2011 Q 1.

Reply-
Property =Residential Property
He can claim exemption U/s 54.

Q.2

Reply-

If property is Stock in trade, his profit
will be treated as business income.

No Indexation will be allowed.

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