03 December 2013
Respected sir, I have a residential plot in Jaipur and I want to sell. From this sale proceeds I want to purchase a shop which has a residential patta. Can I get any exemption in income tax on capital gain arising from it . What will be change if I plan to start a job work business from the newly purchased shop ?
03 December 2013
Section 54F benefit should be claimed only in case of a residential house. The house must be a dwelling unit. In case, the exemption is disallowed, your tax liability may go higher. . There may be another problem from the side of Municipal Corporation. . So, take the advise of your local tax consultants first before planning. .
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