income taxable under capital gain

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Saurabh Sharma (Querist)
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23 November 2009 Dear Friends,

i want to know that i sale my agriculture land for residential purpose in f.year 2009-10 which was purchased in f.year 2002-03. i have already more than one house property & want to invest the capital gain for purchase of two flats and one shop. will i get the exmeption u/s 54f.

Saurabh

shakuntala chhangani

shakuntala chhangani (Expert)
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23 November 2009 Hi Saurabh, Exemption u/s 54F is not available to u as you already own more than one house property as on the date of transfer n for claiming exemption section 54F says that the assessee should not own more than one residential house other than the new asset, on the date of transfer of original asset. Regards,
CA Shakuntala Chhangani