Interest on saving bank a/c of bank/capital gain

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JAI BHASIN (Querist)
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20 February 2013 1.Whether interest on saving bank A/c of bank is exemted from income tax upto Rs.10,000/-
2.whether tax on long term capital gain can be saved in case of sale/transfer of commercial property/plot which have been held for at least three years by buying another residential property with at least capital gain amount or more,or it is mandatory if we sell residential property,we will have to buy another residential property or if we sell commercial property,we will have to buy another commercial property

Soumitra Basu

Soumitra Basu (Expert)
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22 February 2013 For saving capital gain tax you have to buy residential property not commercial property. However, if the commercial property is your fixed assets then you can purchase another commercial property within the financial year with a greater value and can save tax.