Query Regarding Capital Gain Exemption on Sale of Commercial Property and Investment in Construction on Spouse's Property
Facts :-
1. There is a commercial property held in the name of an Individual Assessee. The land / property was owned by the individual in his personal capacity. Construction on the said commercial property was carried out and funded by a Partnership Firm, in which the said individual is a Partner. During F.Y. 2025-26, the said commercial property along with construction has been sold for a consideration of Rs. 2.90 Crores. After the sale of the said commercial property, the assessee has constructed a residential house on another residential plot which is held in the name of his spouse. Almost the entire sale consideration has been contributed / invested by the assessee towards the said residential house construction.
Question for Opinion:
A. Whether the cost of construction incurred by the Partnership Firm on the commercial property owned by the individual assessee can be claimed as Cost of Improvement / Cost of Acquisition while computing Capital Gain
B. Whether the assessee can claim exemption from Capital Gains on sale of commercial property by investing the sale proceeds in construction of a residential house on a property owned by his spouse?
C. What will be the overall Capital Gain tax implications in this case and what is the best possible way to claim exemption / minimize tax liability under any on the provisions and case laws i.e. supreme court judgement , High Court judgement etc.
Kindly opine.

Dear Sir,

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Sir,

Our llp has a turnover of 60 lakh in FY 25-26. And also shareholder of a pvt tld company of 1040000.we would like to know whether exemption in any AS and what all AS to be disclosed.whether it is under category 4 for exemption.?pls help and also partner current account to be shown under where...

Dear Experts,

We are engaged in the catering services business and are paying GST at 5% without availing Input Tax Credit (ITC), as applicable to our services.

We have been paying GST under the Reverse Charge Mechanism (RCM) on commercial rent at the applicable rate of 18% from August 2024 onwards. The RCM liability has been duly paid through the GST portal and reported in GSTR-3B. However, we have not availed any ITC on the RCM paid on commercial rent, considering the nature of our catering services and the applicable ITC restrictions.

Despite this, a positive balance is appearing in the RCM Liability/ITC Statement on the GST portal.

Is it mandatory to make the RCM Liability/ITC Statement balance zero when the RCM liability has been paid but the corresponding ITC has never been claimed?
How can it zero The RCM Liability/ITC Statement balance
Kindly provide your valuable guidance, including the applicable GST provisions and the procedure to be followed.
Thanks & Regards
Ch.Siva Nageswara Rao