Hi,
I am planning to sold my 30 yrs old property, could you please tell me whether capital gain will be applicable or not?
thanks in advance
Vaibhav Kumar
YES,
COST OF ACQUISITION WILL BE FMV AS OF 01.04.2001.
7 Replies
CA AKSHAY VARMA
(74 Points)
Replied 06 December 2021
Yes it will be applicable but you can also claim exemption from tax by proper investment
sabyasachi mukherjee
(27736 Points)
Replied 06 December 2021
Capital gain short term or long term is applicable depending upon period of holding.Exemption available in case you purchase within 2 years of sale of this property Investment in capital infrastructure bonds Sec 54EC
Vaibhav Singh
(9 Points)
Replied 06 December 2021
How can I get an exception on this long term capital gain? do I need to buy a property again for whole amount? if yes, can I purchase commercial property? thanks everyone for addressing my query.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193906 Points)
Replied 06 December 2021
It is residential property? (that being sold)
If yes, only capital gain amount should be invested either in residential house property or capital gain bonds, or both; but commercial property will not qualify for exemption.
Vaibhav Singh
(9 Points)
Replied 06 December 2021
Yes, it is a residential property. Thank you so much for your response.
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