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Long term capital gain tax
A person has a residential plot in village Panchayat area, bought 10 years ago. Now he wants to sell it. Will there be capital gains tax. If he buys a shop with this money. will there still be capital gains tax.
Replies (3)
no
1. Yes LTCG, being residential plot.
2. Yes, as investment in shop not eligible for exemption.
He should purchase a other residential property then only he can claim excemption
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