Hi,
As far as I know, if you sell a commercial property and buy a residential property from the entire sale proceeds then you can get tax exemption. According to Section 54F of Income Tax Act, you can save capital gains tax if you buy a residential property within a year and hold it for 3 years.
You must also consult with a CA or financial advisor to get better clarity on the same.Your Feedback Matters! How was this Answer?
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I am selling commercial property for 7 Crore, and assuming that I have 5 Crore capital gains. To seek exemption under Section 54F, is there an upper limit in terms of the amount I can claim. Let's say I buy a residential property worth 7Crore (entire sale amount), is my entire capital gains tax exempted? Or would an upper limit of some sort apply?
Prashant
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3 Year
2022-01-29T11:29:07+00:00 2022-01-31T11:19:34+00:00Comment
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