Property tax liability on sale of commercial propertymumbai

Hope you mean Capital gains by way of Property Tax, as liability arises only by way of Capital Gains by sale of property; here commercial one. Yes, you can get exemption u/s. 54F of IT, by purchase of any residential property within two years or incase of construction within three years from the sale of your commercial property.

Dear Rambhia sir,

I am aware about capital gains as per IT act. Need to know about the liability of Property tax. Is it calculated same like income tax act?

Property tax charged by local authority or municipality, is charged annually and not on sell/purchase; except the transfer charge to be paid by purchaser for change of ownership.

Thanks rambhia sir. Can you please refer me to the act and respective section to read & follow further details..?

Refer: https://www.slideshare.net/GRealtech/property-tax-or-house-tax-in-india