PURCHASE OF MACHINERY OR INVEST IN BUSINESS ACTIVITY AGAINST SALE OF HOUSE PROPERY

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Self employed
28 Points Posted on 27 October 2020

hello all,

My Friend Sold his house property to do business, so he had to pay capital gain tax.

So how he avoid that Capital Gain Tax, i think in income tax some provision for Purchase of Machinery regarding this.

so please help me for this.

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On 27 October 2020 at 17:41 Report
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Quick Summary
A friend sold their house and is looking for ways to avoid Capital Gains Tax. While purchasing machinery is not an eligible method, reinvesting the capital gains into another residential property within two years of the sale date is a viable option to save on tax.

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Accountant
3662 Points Posted on 27 October 2020
No, puchase of Machinery not eligible for avoid capital gain tax
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On 27 October 2020 at 21:12
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CA in Practice
241 Points Posted on 28 October 2020

One Option to Save Capital  Gain is to Invest Your Long Term Capital gain in Purchase of Another Residential House within 2 Years From the Date of Purchase

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On 28 October 2020 at 15:21

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