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
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Capital Gain on 30yrs old property
Replies (7)
YES,
COST OF ACQUISITION WILL BE FMV AS OF 01.04.2001.
Agree with sir
Yes it will be applicable but you can also claim exemption from tax by proper investment
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
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.
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.
Yes, it is a residential property. Thank you so much for your response.
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