LONGTERM CAPITAL GAINS ON PROPERTY LET OUT TO OFFICES
This query is : Resolved
09 October 2020
MY QUERY: 1) WHAT IS COMMERCIAL PROPERTY FOR THE PURPOSE OF CAPITAL GAINS UNDER INCOME TAX ACT
2) HOW TO CLAIM EXEMPTION ON SALE OF ABOVE PROPERTY?
WHETHER UNDER SECTION 54 OR 54 F?
3) IF HE ALREADY OWNS MORE THAN 1 RESIDENTIAL HOUSE AS ON DATE OF ABOVE SALE, WILL IT MAKE ANY DIFFERENCE.
THANKS & REGARDS
2) HOW TO CLAIM EXEMPTION ON SALE OF ABOVE PROPERTY?
WHETHER UNDER SECTION 54 OR 54 F?
3) IF HE ALREADY OWNS MORE THAN 1 RESIDENTIAL HOUSE AS ON DATE OF ABOVE SALE, WILL IT MAKE ANY DIFFERENCE.
THANKS & REGARDS
09 October 2020
1 Property used for business or let out for business or office is considered as commercial property.
2 54F section exemption available.
3 In such a case 54F exemption not available.
2 54F section exemption available.
3 In such a case 54F exemption not available.
13 October 2020
SIR, YOU MEAN TO SAY SECTION 54 NOT AVAILABLE, RIGHT? BECOZ IN SL NO 2 & 3 OF YOUR REPLY YOU HAVE MENTIONED 54F IS AVAILABLE AND 54F NOT AVAILABLE, RESPECTIVELY.
PL CALRIFY
PL CALRIFY
13 October 2020
Yes, 54 section exemption not available.
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