Long Term Capital Gain

[ANIL CHAUHAN]

we have sell a residental property and buy a commercial property, please advice Is LTCG applicable and if applicable how can i save

[Vivek Harsh]

LTCG is applicable bt it can be saved  refer Sec 54 of the Income Tax Act........

[CAGOPALJI AGRAWAL]

It is advised to all participants at this fora to please update their profile so that the queries might be responded keeping in the view the technical knowledge of the person raising the query.

AI Summary

Long-term capital gains apply on sale of residential property; relief may be available under Section 54. Long-term capital gains tax applies on the sale of the residential property in question, and the respondent advises that relief or mitigation is available under Section 54 of the Income Tax Act, directing the taxpayer to that statutory provision while noting the subsequent purchase of a commercial property.