I sold my resedential flat in april 2007 and bought new flat in may 2007 .so I got full exemption as I invested the amt.
now in december I am getting 32 lacs from my grandfathers property which was a plot in mumbai.this property was bought in 1955.we are 6 brothers .individually I am getting share of 32 lacs .my question is if I invest total amt in resedential property will I get exemption from long term capital gain.as in my case 2 transcations of capital gain happening in same year
15 December 2007
No u can't because u/s 54 only a residential house u can claim as exemption . but another question is whether house receipt from grand father is as individual or huf.