Sale of Commercial Property
This query is : Resolved
17 January 2020
Sir
My client has sold his commercial property in FY 2019-20. Purchased in 2001-02. It is a long term capital Gain. I would like to take advise whether I can get the benefit of indexation or not.?
Pl advise.
Regards
Sanjay
My client has sold his commercial property in FY 2019-20. Purchased in 2001-02. It is a long term capital Gain. I would like to take advise whether I can get the benefit of indexation or not.?
Pl advise.
Regards
Sanjay
17 January 2020
Yes. Your client gets the benefit of indexation. Also, your client can get the exemption from capital gains tax if he is investing that sale proceeds in purchasing a residential property within a period of 1 year.
17 January 2020
Indexation is available to compute LTCG. If you have claimed depreciation then s. 50 would be applicable. Deduction u/s 54EC, 54F may be availed if investment is made in Bonds / Residential House within stipulated period.
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