Sale of House property
This query is : Resolved
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
(Expert)
23 July 2009
Yes. In both the sections 54 and 54F, residential property is specified for reinvestment purpose.
23 July 2009
agree
CA.Nikhil Gupta
(Expert)
24 July 2009
agree. One need to invest in residential property
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