capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2010 i sale a commercial property is it compulsary i invest capital gain in only in commercial property or bond.not in ordinary property.

if i own the one residential house whether i can invest u/s 54F

Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 August 2010 On sale of commercial property held for more than 3 yeards the sale consideration should be used to purchase house property to claim exemption u/s 54F or bond u/s 54EC.

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CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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30 August 2010 no, it is not compulsory to invest in a commercial property.
you can claim exemption u/s 54 F, if capital gain is long term and you have not more than 1 residential house property on the day of transfer except new one which was purchased for claim exemption.
you may invest in specified bonds too, to claim exemption u/s 54 EC.

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