Dear Friends
Assessee has LTCG on Residential Plot now if he invests in Residential house property i.e purchasing a plot and then constructing on it.and also buys a shop (commercial property) whether the exemption under 54 F is available to assessee on investing in above said Residential house property.
Your opinion will be of great help
Thanks & Regards
Sandeep Tanwar
By construction of a residential house within 3 years from the sale of earlier plot, over new plot to be purchased, will qualify for exemption of LTCG u/s. 54F, subject to satisfaction of other conditions of the section.
But section 54F allows CG exemption in the ratio of sale proceeds!!!
So, just calculate how you be able to invest in shop, if that is purchased out of the same sale proceeds? In that case again partial tax liability will remain.
Thank u so much Sir
Most welcome
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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