I had a commercially approved shop in Gurgaon, which was purchsed in the year Dec 2008 for Rs 4 Lacs, now its value is 16lacs. If I sell this property and invest the amount in some residential property, will I be able to save the Capital Gain.
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Proceeds from sale of commercial property to residential pro
Replies (2)
It is better to invest the capital gains in Investment Bonds instead of purchasing another House Property.
But you shall have to invest the consideration in the Infrastructure Bonds within 6 months from the date of transfer of the capital asset (ie. commercial property).
Regards,
Devendra Kulkarni
Hello Sunita,
As per section 54F of Income Tax Act, the sale proceeds from transfer of any long term asset other than residential house property can be invested in residential house property subject to certain conditions.
Please refer 54F..You can claim exemption.
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