One of My client transfered agriculture land (not in rural area) and invested part of money in Agriculture land and part in residential house. My query is can he claim exemption under sec 54B and 54F together? conditions of both sections are fulfilled.
25 April 2012
yes, however under section 54F proportionate amount i.e amount of capital gain in proportion to cost of new house only be exempted( note that capital gain should be long term)
CAclubindia
