18 January 2011
1 person sold his shop (Investment 15 years) Net profit 7 lacs. If person wants to save tax on capital gain then what are best possible ways to save taxes.
18 January 2011
Invest your Net Sales Consideration amount to purchase any Residential House Property or invest money in bonds of Rural Electrification corp. or NHAI.
But you cannot sale aforesaid Residential House Property or Bonds untill completion of 3 years from the date of purchasing.
18 January 2011
Hi, I want to ask to clear my doughts, is this applicable to Shops also as i was in impression that it is applicable for Residential House Property only ?
20 January 2011
Sir, This is applicable for any Capital Asset except Residential House Property becuase here you have to invest only in Residential House property(sec 54F)
and you are talking about sec 54, where it has been said that sold(old) asset should be residential house property and investment should be made in residential house property.
CAclubindia
