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Capital gain on commercial building

This query is : Resolved 
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(Querist)
30 January 2025 Hi,
Mr.X wants to sell his commercial property and wanted to buy residential one, he doesn't have more than 1 residential property.
He is selling old for Rs.75L and the cost of new residential plot is only Rs.50 L., so can he use the balance amount for the construction which will take another 6 months and claim the total sale proceed for capital gain deduction.
Further he has 2 sons, A and B.. so can he purchase the new property in joint name of all 3, without any contribution of Funds from his sons.
What would be the tax impact
Please clarify
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
31 January 2025 Yes, to both queries.
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