can a person buy a commercial property 2 invest da gains arising from sale of residential property,if he already has a residential property of his own purchased 5 yrs before da sale? n 2nd q: can a senior citizen buy a commercial property 2 invest da gains arising from sale of residential property,if he decides 2 stay with his son who has a residential property?
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Replies (2)
Dear Jugal,
For claiming exemption one has to buy residential house though it is not necessary that assessee has to actually reside in that house, i mean it can be left vacant or can be given on rent ............but commercial property is not eligible...........
Dear Jugal.....
54 - This exemption can be claimed only when the assessee transfers the Res. house and pur / const a Res. house......... it is not necessary that assessee has to reside in that house, but commercial property not possible and not eligible...........
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