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capital gain
If we sell the commercial property then from the payment which we receive! Can we buy a residential plot or any property!
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yes you can buy residential plot ( make sure that you construct residential house within 3 years from the date of sale of commercial property) and can claim 54F deduction, if the sold property is of long term capital asset
The provision contains in section 54F, Capital gain arises from any Capital Asset other than residential properties then those capital gain will be exempted in the hands of assessee means (individual/HUF) purchase one residential house property in India and it should be purchase 1 year before or within 2 years after the date of transfer or Construct within 3 years.
one of the major condition imposed is he or she should not own more than one residential house on the date of transfer.
one of the major condition imposed is he or she should not own more than one residential house on the date of transfer.
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