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Resident property and commercial property
I have sold Residential property (flat) and want to buy Commercial property I am told that I have to pay 20% if I buy Commercial property.Can you please clarify
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Yes, If on sale of residential property you have any long term Capital Gain (if sold property is old more than 2 years) than you have to pay tax @ 20% on that long term Capital Gain.
If that property is old less than 2 year , than Gain on sale will be short term Capital Gain and tax as per slab rate is applicable.
You can save tax on your Long term capital Gain by investing Gain amount in other residential property, (Commercial property not allowed)
If that property is old less than 2 year , than Gain on sale will be short term Capital Gain and tax as per slab rate is applicable.
You can save tax on your Long term capital Gain by investing Gain amount in other residential property, (Commercial property not allowed)
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