i have commercial plot, i want to sell the plot and want to purchase a residence flat.
so it is exempted from capital gain or not?
reply fast
regards ritesh
i want to purchase second flat and my commercial plot was for business purpose which i want to sell the plot..
so wat should be the exemption.
It depends upon the fact whether the said plot is a Business assets or Long Term Capital assets. If it is a long-term capital assets and at the time of sale u are not owning more than one house, invest entire consideration of plot in purchase of new house to claim exemption u/s. 54F.
Thanks,
CA. Ashok Shah
If it is a long-term capital assets and at the time of sale u are not owning more than one house, then u can claim exemption u/s. 54F.
if it is business asset and you claim depreciatoin then u can not claim exemption
CAclubindia
