REGARDING LTCG EXEMPTION

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accountant
564 Points Posted on 28 October 2020
Respected members
I have sold my home 27/10/2020
600000. and home cost value is rs.100000 2/7/2007.
now I have buy new shop purchase so which section exemption allowed
please suggest me.
thank u I advance.
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On 28 October 2020 at 23:03 Report
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Quick Summary
A user is asking about claiming Long Term Capital Gains (LTCG) tax exemption after selling their home and purchasing a shop. They want to know which section allows for exemption on this type of transaction. The advice given is that Section 54F does not apply because the new asset purchased is a shop, not a residential property.

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Tax consultant
5895 Points Posted on 28 October 2020
Read section 54F
1 Reply
On 28 October 2020 at 23:58
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ASSISTANT
63 Points Posted on 29 October 2020
No exemption for this transaction even under Section - 54F because the capital assets you are purchasing is not a residential property.
1 Reply
On 29 October 2020 at 07:10

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