Long term gain on commercial property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2013 I have a commercial property (shop) in me and my wife's name which we are planning to sale before Mar'14
1. As the property is jointly held by me and my wife - Can we split the Capital gain while filing tax returns?
2. Can I get tax exemption if we purchase a new residential property ?( * I have one house in my name)
3. Can I use this gain for renovation my presently owned house?
4. Any other option for tax exemption on the capital gain?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 November 2013 1. yes you can split it. However, it would be prudent to ensure that section 64 is not applicable to you.

2. yes you can. under section 54.

3. no you cannot.

4. yes, you can invest under section 54ec.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2013 Thank you very much for your response

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