Capital gains tax on commercial property
This query is : Resolved
25 July 2019
I got a commercial office in Mumbai under my ownership from Tenancy by paying @ 1350/- per Sq. Ft. in 2008. Now i am selling same space for 10,000/- per sq. Ft. What is the implication on Capital Gains Tax ? Indexation benefit can be claimed ? Is there any way to save the Capital gains Tax by investing or buying a commercial space ? Kindly guide ?
31 May 2020
Long Term capital gain will be applicable. You can invest the amount in purchase or construction of building to avoid the same. You can also invest in bonds as prescribed and eligible for this purpose.
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