For example I Sell Jewelry Worth of Rs. 10 Crs and Invest the net Consideration in Residential House Property (New Property) Again within 2 yrs I sold my existing (old one) Residential Property (Not which I Purchased Above u/d 54 F) and invested in another Residential Property (u/s 54) Can I do the Above
As per section 54F of the Income Tax Act 1961, the above exemption will not be available, if the New asset is transferred with in a period of 3 years from the date of its purchase or as the case may be its construction, then the assessee is charged to capital gain in the year of sale which it has claimed exemption u/s 54F.
In your case, you sold the house property (not which has been purchased u/s 54F), therefore such above mentioned dis-allowance is not applicable,provided you have not first purchase new house and then sale the old one.
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