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Capital gain - sale of residential property
Sir, I sold my residential property on 02-12-2019 and invested the entire sale proceeds in to purchage of commercial property on 03-01-2020, ie within two months. so, can I get the tax exemption on profit made on sale of residential property? kindly advise.
Replies (1)
No, Sir you can not get any Deduction u/s 54, as you purchased commercial property.
To get Deduction u/s 54, you are required to purchase Residential house Property.
To get Deduction u/s 54, you are required to purchase Residential house Property.
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