capital gain exemption

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manik (Querist)
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29 May 2011 one of our clients had sold a peice of land for rs.15 lakhs on 01.05.2011 he had also bought a peice of land on 01.04.2011, now he had constructed a boundary wall on that peice of land and a small room from the sale proceeds of the above sale, my question is will he be able to get the benefit of sec. 54f or any other section???
pls advice!!!

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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29 May 2011 EXEMPTION UNDER SECTION 54F ALLOWABLE ONLY IF U SELL ANY CAPITAL ASSET OTHER THAN HOUSE AND PURCHASE/CONSTRUCT A RESIDENTIAL HOUSE IN THIS CASE U HAVE NOT FULFILLED THE CONDITION HENCE 54F EXEMPTION NOT ALLOWABLE
U CAN CLAIM EXEMPTION UNDER SECTION 54EC IF U INVEST IN SPECIFIED BONDS
CA MANOJ GUPTA
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