Hi
if any commercial property (factory shed) Sold in P.Y 2019/20 which was long term capital asset.which was used for business purposes and there income was shown under pgbp.thereof full sales consideration value is invested in new factory shed purchased in same previous year.whether capital gain tax arise in this case?
if yes,then is there any deductions available which can save capital gain tax?
thanks.....
If Full capital gains are exempted under section 54 then no CG tax will arise otherwise 20% CG tax will be applicable.
For saving invest in specified bonds within 6 months of sales, purchase or construct new house etc.
CAclubindia
