lina abood (bussiness) 04 January 2011
Dear Sir,
Eight months before I had sold my office which I had bought it Twenty five years back, and now to save on capital gain I have decided to invest the fund in buying small shop,
My inquiry is within what period I should buy the shop to save on capital gain is there limited period and how long it is., and my second inquiry can I save on capital gain by buying shop or it must be residential flat.
Please advice
Thanking You,
shammi kumar (tax consultant) 08 January 2011
sir
u can not save ur tax if u invest in shop so u have to invest in residential house
shammi Gaind
advocate
9212738474
Santosh Sharda (self) 08 January 2011
1) As Mr Shammi Kumar has rightly said, you can only invest in a residential premises if you want to save capital gains
2) You should do so within the same financial year. Or else put the money in a separate bank account for that purpose; your bank will guide you. That is a capital gains account.
3) You can also invest the money in RBI approved bonds, where the money will have to lie for a minimum specified period, and can be withdrawn anytime before that if you want to go in for a residential house purchase.
Thanks
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