Hi
if any commercial property (factory shed) Sold in P.Y 2019/20 which was long term capital asset.which was used for business purposes and there income was shown under pgbp.thereof full sales consideration value is invested in new factory shed purchased in same previous year.whether capital gain tax arise in this case?
if yes,then is there any deductions available which can save capital gain tax?
thanks.....
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Capital gain on commercial property (factory shed)
Replies (3)
If Full capital gains are exempted under section 54 then no CG tax will arise otherwise 20% CG tax will be applicable.
For saving invest in specified bonds within 6 months of sales, purchase or construct new house etc.
For saving invest in specified bonds within 6 months of sales, purchase or construct new house etc.
Yes Capital gain tax will arise if there is any gain.
and you can't get deduction for investing in another shed.
in order to not to pay tax on capital gain you have to invest the capital gain amount in 54EC specified bonds like NHAI bonds, RECL bonds or any other bonds notified by govt.
investment should be made with in six months from the date of transfer.
and you can't get deduction for investing in another shed.
in order to not to pay tax on capital gain you have to invest the capital gain amount in 54EC specified bonds like NHAI bonds, RECL bonds or any other bonds notified by govt.
investment should be made with in six months from the date of transfer.
You should have asked this at the time of selling shed.
you have mentioned that you have purchased another shed in the same year. after spending sale proceeds i doubt if you might be left with enough funds to invest in capital gains bonds.
you have mentioned that you have purchased another shed in the same year. after spending sale proceeds i doubt if you might be left with enough funds to invest in capital gains bonds.
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