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 ?
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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