one of my client have 2 land in municipality area one land is agricultural land and second is residential land. assessee has sold out the one land and he wants to construct business godown on second land. can he avail the benifit of sections 54
If you earn capital gain on sale of agriculture land then exemption can not be avail as exemption is only availed on purchase of another agriculture land i.e.as per section 54B
if you sale another land than exemption can be avail in 54F provided you purchase or constructed RESIDENTIAL HOUSE but as he want to construct godown no exemption under that section can be claimed
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