I have acquired a new residential
house property in this year (2017), 0f Rs 40L white, of which 30L is arranged by bank loan, after a month my commercial property was sold and i got 15L white from it.. How should i represent it in my income tax returns? , can i settle it with bank loan and take FULL BENEFIT OF EXEMPTION earned from commercial property u/s 54F??? Is anything taxable under income from capital gain? Expert advice needed.. Please help someone
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can i get full exemption u/s 54F???
Replies (1)
As you have purchased a house property (assuming you do not have more house properties), just a month before selling your commercial property. So, as per section 54F; whether you repay the loan from the sale proceeds or not; you can avail exemption of full 15 lakhs from capital gains u/s. 54F.
For the said transaction, no amount of capital gains tax liability arises.
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