Can exemption from long term capital gains tax under section 54F be availed if one already owns a house?

Can exemption from long term capital gains tax under section 54F be availed if one already owns a house?



If a person sells a plot of vacant land, purchased over 3 years ago, and from the sale proceeds of the land, he proposes to purchase a flat so that he can avail exemption of long term capital gains tax under section 54F and if he already owns one flat(house property), can he still avail the tax exemption by purchasing a second house property? Is there any limit to the number of house properties one already owns, prior to the purchase of this new house property, in order to avail the tax exemption under discussion?