Capital gain & investment


I am selling my old tenanted commercial property @ 20 lacs and wish to invest in residential flat as co-owner with my NRI son by contributing the said amount. Will the said amount attract capital gain tax ? or any other option to save my tax ?

 
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Director

Invest total sale consideration in new house for complete exemption from capital gains.

 
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PROPRIETOR

Yes..You are eligible to claim exemption u/s 54F of Income Tax Act.

The year of acquisition of propert would have helped to advice you as to how much amount you should invest in new house as exemption u/s 54F is available on por-rata basis.

Cost of New Asset/ Net Sale Consideration X Capital Gains.

 
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