ritesh (STUDENT) (26 Points)
03 January 2009i have commercial plot, i want to sell the plot and want to purchase a residence flat.
so it is exempted from capital gain or not?
reply fast
regards ritesh
i want to purchase second flat and my commercial plot was for business purpose which i want to sell the plot..
so wat should be the exemption.
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 03 January 2009
It depends upon the fact whether the said plot is a Business assets or Long Term Capital assets. If it is a long-term capital assets and at the time of sale u are not owning more than one house, invest entire consideration of plot in purchase of new house to claim exemption u/s. 54F.
Thanks,
CA. Ashok Shah
CA CHINTAN AJMERA
(Chartered Accountant)
(2987 Points)
Replied 03 January 2009
If it is a long-term capital assets and at the time of sale u are not owning more than one house, then u can claim exemption u/s. 54F.
CA CHINTAN AJMERA
(Chartered Accountant)
(2987 Points)
Replied 03 January 2009
if it is business asset and you claim depreciatoin then u can not claim exemption
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