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Section 54f of income tax act.

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(Querist)
25 June 2014 An assessee sells more than one land and earns LTCG out of the sale.He invests the proceeds in one residential house property.
Whether he can claim exemption u/s.54F? Please cite me with a case law..

Thank you
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
26 June 2014 ITAT Mumbai bench judgment in the case of [DCIT v. Ranjit Vithaldas [2012] 23 taxmann. com 226 (ITAT-Mum)] should help you. though it is section 54 judgment but the principal should apply.
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Rupesh Jain

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Rupesh Jain (Expert)
26 June 2014 it is exempt only for one land gain. pls wait another expert response.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
26 June 2014 Not necessary...enough legal precedents for the same...
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
04 July 2014 yes in my opinion allowed to take exemption in this case u/s 54F.

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