FAQ Capital Gain

Q-Will I Get Exemption u/s 54 For Buying Commercial property?
I have an apartment in Mumbai. I bought it in Sept. 2001 but got the possession in Jul, 2002. I purchased it around 21L but the current market price is almost double. I plan to sell it and invest the same amount in a commercial property. Going by the Cost Index, I might have to pay 3.2L tax after I sell my property. Since I am investing almost all the amount in another commercial property, will this help to save my tax when I sell the apartment?
Unfortunately, the exemption provided under section 54 of the I T Act is not for investment in commercial property. This exemption is exclusively for the reinvesting the sale proceeds out of a residential property in another residential

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