long term capital gain

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RASHMI SANGEKAR (Querist)
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06 December 2007 sir,

I sold my resedential flat in april 2007 and bought new flat in may 2007 .so I got full exemption as I invested the amt.

now in december I am getting 32 lacs from my grandfathers property which was a plot in mumbai.this property was bought in 1955.we are 6 brothers .individually I am getting share of 32 lacs .my question is if I invest total amt in resedential property will I get exemption from long term capital gain.as in my case 2 transcations of capital gain happening in same year

KAUSTUBH M JOSHI

KAUSTUBH M JOSHI (Expert)
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06 December 2007 As per my knowledge the capital gain arising from such transaction is to be invested within 6 months so you can invest later also.

RASHMI SANGEKAR

RASHMI SANGEKAR (Querist)
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07 December 2007 my query is will I get deductions as 2 transaction of long term capital gain are happening in one financial year

vishal

vishal (Expert)
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15 December 2007 No u can't because u/s 54 only a residential house u can claim as exemption . but another question is whether house receipt from grand father is as individual or huf.