Capital Gain on sale of house property

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Manger Accounts & Finance
363 Points Posted on 02 April 2020
If any individual sale house property and purchase commercial property of fully amount within 2 year than capital gain applicable.
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On 02 April 2020 at 21:55 Report
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Quick Summary
When you sell a house property and use the full proceeds to buy a commercial property within two years, capital gains tax will generally apply. Exemptions under Section 54 for deferring capital gains tax are typically only available if you reinvest in a residential property, not a commercial one.

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Chartered Accountant
12739 Points Posted on 02 April 2020

have to purchase residential property to avail exemption

In your case , capital gain will be attracted  

 

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On 02 April 2020 at 23:15
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job
376 Points Posted on 03 April 2020
Yes capital gain will applicable in this case
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On 03 April 2020 at 00:10
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Manger Accounts & Finance
363 Points Posted on 03 April 2020
Thanks to all
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On 03 April 2020 at 07:36
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Consultant
1891 Points Posted on 03 April 2020

No exemption will be available u/s 54 if invested in commercial property. 

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On 03 April 2020 at 11:48

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