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EXEMPTION OF LONG TERM CAPITAL GAINS


My friend is having a building which is given for rent to shops/offices. The income has been showing to Incometax under the head Income from house property. Further, he is also collecting GST on rent underthe head " Renting of Commercial Property" and depositing to government.
Now he wish to dispose of the building and utilise the amount in constructing residential buildings in a site he owns. The question is:
1. To claim exemption under Long Term Capital Gains, whether he has to Invest ONLY CAPITAL GAINS OR NET CONSIDERATION.
Whether letting out to office/shops will make any difference for considering it as a Commercial Building?
Thanks & regards



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