Sale of House property

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Abhay (Querist)
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23 July 2009 My father has a residential property purchased in 1978 for Rs 49000, today the market value of the property would be in the range of Rs 30-32 lacs. If my father sells off the flat and purchases a commercial property (office / Shop) etc with the proceeds, within 6 months of the sale, would capita gains tax be attracted? Does the tax law specify reinvestment only in residential property?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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23 July 2009 Yes. In both the sections 54 and 54F, residential property is specified for reinvestment purpose.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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23 July 2009 agree

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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24 July 2009 agree. One need to invest in residential property

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