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Property Sold: Long Term Capital Gains: Time Period

Sanjay (Director) (155 Points)

26 October 2010

Hi,

I had sold 2 properties (one Office & one Residential Premise) located at Mumbai on 3rd March 2010.

What are my options to prevent Long Term Capital Gains tax for both transactions.

Please advice.

Thank you.

Best regards,
Sanjay

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5 Replies

Sanjay (Director) (155 Points)
Replied 29 October 2010

Sorry for the shameless bump, but help pls.

Thx
Sanjay

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Sunny Mongia (Finance Manager) (66 Points)
Replied 29 October 2010

for the purpose of residential house sold, u have an option to acquire another residentil house withing a period of 2 years from the date of sale or CONSTRUCT a new house within a period of 3 years from the date of Sale of property. then u can get exemption u/s 54.

For office sale, u have an option u/s 54F to spend on Residential House all consideration or to invest in NHAI or RECL within a period of 6 months. but unfortunately u cant invest in NHAI and RECL coz time has been over. so u can avail exepmtion only u/s 54F by spending whole consideration in Residential house acquisition or construction.