can a person buy a commercial property 2 invest da gains arising from sale of residential property,if he already has a residential property of his own purchased 5 yrs before da sale? n 2nd q: can a senior citizen buy a commercial property 2 invest da gains arising from sale of residential property,if he decides 2 stay with his son who has a residential property?
2 Replies
Amir
(Learner)
(4016 Points)
Replied 21 February 2010
Dear Jugal,
For claiming exemption one has to buy residential house though it is not necessary that assessee has to actually reside in that house, i mean it can be left vacant or can be given on rent ............but commercial property is not eligible...........
C.Balaji
(Learner)
(1867 Points)
Replied 22 February 2010
Dear Jugal.....
54 - This exemption can be claimed only when the assessee transfers the Res. house and pur / const a Res. house......... it is not necessary that assessee has to reside in that house, but commercial property not possible and not eligible...........
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