A.C.A.
155 Points
Joined May 2010
I assume that the commercial property owned by you was rented & Income from the same was taxable under HP (so you have not claimed any depreciation on the property)
Have you earned Capital Gains on sale of the Commercial property?
Yes, you can take benefit of sec 54F if you purchase Residential house property within 2 yrs or construct within 3 yrs from the date of sale or before 1 yr from the date of sale.
But, you have to deposit the Net Proceed amount in Capital Gain A/c Scheme before due date of filling of Return.
For claiming exemption U/s 54F you have to invest Net Sale Consideration in Residential house property. if u invest less than Net Sale consideration u will get only proportionate deduction of capital gain.
For claiming exemption U/s 54F you have to invest Net Sale Consideration in Residential house property. If u invest less than Net Sale consideration u will get only proportionate deduction of capital gain.
To claim exemption u/s 54F you should not own more than one house at the time of transfer
You will get no benefit if you invest proceeds of Commercial property for buying new Commercial property.
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