i have purchased shop for 6 laks in 2013, after indexation it is around 8 lakhs today in 2018 ....but while selling in market i am getting rs 70 lakhs...................................now if i buy resedential house of full proceeds of Rs 70 lakhs......................then would it be there any capital gain tax on me or not......................
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as per section 54F of the income Tax act if u have earned any income which is taxed under the head capital gain & u have invested the amount of proceeds towards purchase of an residential property then the amount of capital gain earned is exempted up to the quantum of investment made out of the proceeds.
sir so there is no limit of amount of capital gain earned invested in resedential house
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