TaxTMI 
TaxTMI 
we have sell a residental property and buy a commercial property, please advice Is LTCG applicable and if applicable how can i save
Long Term Capital Gain
04 Aug 2012 
2 Replies 
2613 Views Asked by
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. (AI Summary)
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. (AI Summary)