Section 54f

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PRASHANT (Querist)
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25 January 2016 'A' is the owner of two residential property.both properties were purchased in 1995.now A is selling his one property.Obviously long term capital gain would arise.now question is that is A entitled to get exemption u/s.54F as he is already owner of one house..

Jaymin Sabhaya

Jaymin Sabhaya (Expert)
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26 January 2016 Dear Sir,

As per section 54(F) exemption is available only the capital asset which is transferred is long term capital asset BUT OTHER THAN A RESIDENTIAL HOUSE PROPERTY. therefore in this case exemption under section 54(F) is not available.