MR. ABC HAS SOLD A COMMERCIAL PROPERTY AND INVESTED THE SALE PROCEEDS IN A RESIDENTIAL HOUSE TO AVOID PAYING THE LONG TERM CAPITAL GAIN TAX ARISING ON THE LONG TERM CAPITAL GAIN. MY QUERY IS THAT WHETHER THE PURCHASE OF RESIDENTIAL PROPERTY CAN BE CLAIMED AS DEDUCTION FOR LTCG ARISING ON ASLE OF COMMERCIAL PROPERTY?
REGARDS,
DEVENDRA KULKARNI
You can avail the benifit of sec. 54F, if you get any LTCG from any property other than Sale of Residential property, so you can claim exemption even if the property is commercial property
yes you can Exemptions u/s 54 & 54F
Agreed with ramcharan, u can avail exemption u/s 54F
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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