30 December 2011
My Client is already having a residencial House Property. Now he is selling a vacant land for Rs 10.00 lakhs and land was purchased for Rs 1.00 in the year 1996-97, after adopting indexed cost he wants to invest in purchasing of another residencial house of the entire Capital Gain. Can he avail exemption u/s 54 F.
30 December 2011
Full Exemption u/s 54F could be taken subject to investment of full sales proceeds in the residential house property and not the capital gains only subject to fulfillment of other conditions prescribed u/s 54F.
CAclubindia
