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Capital Gain on 30yrs old property

05 December 2021

Hi,

I am planning to sold my 30 yrs old property, could you please tell me whether capital gain will be applicable or not?

thanks in advance

Vaibhav Kumar

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160886 Points)
Replied 05 December 2021

YES,

COST OF ACQUISITION WILL BE FMV AS OF 01.04.2001.

shrawan choudhary (132 Points)
Replied 05 December 2021

Agree with sir

CA AKSHAY VARMA (74 Points)
Replied 06 December 2021

Yes it will be applicable but you can also claim exemption from tax by proper investment

sabyasachi mukherjee (26231 Points)
Replied 06 December 2021

Capital gain short term or long term is applicable depending upon period of holding.Exemption available in case you purchase within 2 years of sale of this property Investment in capital infrastructure bonds Sec 54EC

Vaibhav Singh (9 Points)
Replied 06 December 2021

How can I get an exception on this long term capital gain? do I need to buy a property again for whole amount? if yes, can I purchase commercial property? thanks everyone for addressing my query.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160886 Points)
Replied 06 December 2021

It is residential property? (that being sold)

If yes, only capital gain amount should be invested either in residential house property or capital gain bonds, or both; but commercial property will not qualify for exemption.