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Exemption for capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 December 2015 Sir

Suppose a residential plot is sold and the gain is invested in purchasing a plot, can the capital gains tax be exempted.

I assumed that the gains should be invested in purchasing an house(only one house) to claim the exemption under the scheme.

please clarify.
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Ankur Singhal

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Ankur Singhal (Expert)
30 December 2015 Yes it should be invested in purchasing a residential house only.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 December 2015 Reinvestment in plot alone will not entitle you for an exemption from payment of capital gains tax.
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