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Sale of old flat and purchase of new one - taxation

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(Querist)
16 January 2018 I sold the old Flat in which I was living for Rs 22 Lakhs this financial year. The Capital Gain will not exceed Rs 7 Lakhs in any case.
My question is that if I buy a new residential Flat for exactly Rs 8 Lakhs in the same financial year, will I have to pay any tax at all on the sale of my flat ?
I am referring to Section 54 tax exemption. Assume that the Capital Gain calculation is correct. Also I will not have more than one house at any time.
I ask this question because someone confused me with the term ‘sales proceeds’.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 January 2018 You need not pay any tax on the sale of flat as you have invested the entire capital gains in buying a house.
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