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?
CAclubindia
