Hello,
If a industral building bought in 1985 is sold than will there be any capital gain tax and can long term capital gains could be exempted if some other propery is bought from the sale industrial building within six months.
Thnx in advance
Hello,
If a industral building bought in 1985 is sold than will there be any capital gain tax and can long term capital gains could be exempted if some other propery is bought from the sale industrial building within six months.
Thnx in advance
Yes, capital gain is taxable in the year of transfer.
Yes, capital gain could be saved by availing exemption u/s 54EC i.e by investing in bonds issued by NHAI or RECL within 6 months from the date of transfer. Exemption is limited to an amount of investment of Rs. 50 Lacs per financial year.
Regards,
CA Ruben Balooni
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Ahmedabad
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