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Exemption u/s 54

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(Querist)
26 November 2013 I have sold a plot worth rs. 30 lac which was purchased in 2003 for Rs. 5 lac. now i wish to purchase or invest in shop for Rs. 35 lac. Can I claim exemption u/s 54 to long term capital gain tax ? If yes, provide any citation or refrence.
Thanks in advance.
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CA Anshu Agarwal

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CA Anshu Agarwal (Expert)
27 November 2013 No, as for claiming exemption u/s 54, amount of capital gain should be invested in residential house (not in shop).
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