Cg on commercial property
kruti samani (article assistant) (35 Points)
13 June 2016kruti samani (article assistant) (35 Points)
13 June 2016
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 13 June 2016
Section 54F i.e. investment in residential HP
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 13 June 2016
Yes,Exemption u/s 54F is available.
Any Gain arising to an individual or HUF from the sale of any Long Term Asset other than Residential Property shall be exempt in full, if the entire net sales consideration is invested in
In case the whole sale consideration is not invested and only a part of the sale consideration is invested, exemption shall be allowed proportionately i.e.
Amount Exempt = Capital Gain X Amount Invested/Net Sale Consideration
The above exemption shall be available only when the assessee does not own more than 1 Residential House Property on the date of transfer of such asset exclusive of the one he has bought for claiming exemption under section 54F.