Please Help: Capital gain
Posted Date : 20-Oct-2011 , 06:04:32 pm | Posted By Deepak Agarwal
If a person sold residential house & invest proceeds in commercial property. How can he save capital gain as it does not cover in Sec 54 & 54f
Category : Income Tax | Answers : 1 | Comments : 0 | Hits : 313
Answers
Answer By: Ashish Karundia
Dear Deepak,
Here, the concerned person has to pay income tax on the long term capital gain as he has not invested the proceeds in residential property in order to avail the benefit u/s 54, 54F or 54EC of the Income Tax Act, 1961.
However, if the concerned assessee has carry or brought forward losses for any previous years, then subject to the provisions of section 70 and 71 of Income Tax Act, 1961,the same can be adjusted against the LTGC.
Hope the above suffice.
Here, the concerned person has to pay income tax on the long term capital gain as he has not invested the proceeds in residential property in order to avail the benefit u/s 54, 54F or 54EC of the Income Tax Act, 1961.
However, if the concerned assessee has carry or brought forward losses for any previous years, then subject to the provisions of section 70 and 71 of Income Tax Act, 1961,the same can be adjusted against the LTGC.
Hope the above suffice.
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