Sale of commercial property
This query is : Resolved
gopalsaran
(Querist)
15 March 2014
i have sold my commercial shop for rs 5lacs in ay 11-12 which was purchased in ay 6-7 year for 2.70 lacs the difference of rs 2.3lacs has been invested in residential property in ay 13-14 the whole amount so what if any my tax libalites to pay
Nikhil Kaushik
(Expert)
16 March 2014
to claim deduction under 54f, you need to invest the whole of the consideration. if you invest lesser amount, the capital gains exemption shall be restricted to the ratio of capital gains to total consideration
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