Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 May 2013 Dear sir\madam,

I like to know if any person sells its shop, which he has purchased 3 years ago, he would be liable to capital gains......

and where should he invest to save his capital gains?

Please do reply soon!!!!

Thanks ...

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
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12 May 2013 Want to purchase residential house property, then invest net sale consideration in Sec. 54F to get complete capital gain exemption.

Another option is RECL bond u/s 54EC which is maximum up to 50 lac within 6 months of date of sale of shop. It has to be kept for 3 years.

Guest

Guest (Expert)

12 May 2013 yes he is liable for short term capital gain u/s 50 of ITA, when depreciable asset is sold.

But Capital Gain will be arise only if the whole block is discarded or net consideration exceeds the written down value.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2013 ok thanks sir....