If I sold house and purchase shop,
can I get tax benefits?
plz guide
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Capital gain - Sold house
Replies (10)
NO
or purchase land then?
or purchase land then?
Exemption allowed only when you purchase residential house property or bonds....
you can claim deduction for land purchase subject to completing the construction of residential property within 3 years from the date of sale
you can claim deduction for land purchase subject to completing the construction of residential property within 3 years from the date of sale
you can claim deduction for land purchase subject to completing the construction of residential property within 3 years from the date of sale
Section 54 series not applicable on purchase of commercial property or on purchase of land which is not an agricultural land..
Means you can't get any Tax benefits if you purchase a shop or a land which is not an agricultural land..
construction of residential property includes purchase of land and constructing residential property over the land
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