22 July 2016
R/all,
one of my friend sold a residential plot in rs 25 lakh, he and his father jointly purchase a flat, costing around 65 lakh. they invested all amount they received from sale of plot and for rest they avail home loan, which is in the name of my friend. they also invested around 6-7 lakh from there pocket to purchase the new property.
now whether my friend have to pay long term capital gain tax or it will be exempt as he has invested full amount in new residential flat and he is not having any other house in his name.
please suggest.
CAclubindia
