Capital gain tax
Arpit
(Querist) 23 November 2017
This query is : Resolved
I have an industrial land and building in individual name which was purchased in 1999 from upsidc on lease deed.Now I want to sale above lease property.From that sale Money I want to purchase a commercial or residential property.On above case I want capital gain tax rebate.Is it possible please brief.
Dr J C Vashista
(Expert) 24 November 2017
You are not the titleholder but lessee of the property, which is owned by UPSIDC, therefore, you have no right, interest to sell it.
R.Ramachandran
(Expert) 24 November 2017
NO CAPITAL GAIN exemption will be available to you, if you purchase commercial property from the sale proceeds.
IF YOU WISH TO PURCHASE RESIDENTIAL PROPERTY from the capital gain, then you have to satisfy the conditions prescribed under Section 54F of the Income Tax Act.
In such sort of decisions, you will be well advised to get in touch with and consult a Tax expert (either a lawyer or a Chartered Accountant).
Dr J C Vashista
(Expert) 25 November 2017
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