There are 2 long term assets eligible for deductions:-
1) Deduction u/s 54 on sale of Residential house. The amount of capital gains to be reinvested in a residential house.
2) Deduction u/s 54F on FULL sale consideration of other long term capital asset (land).
The question: Can the capital gain of No. 1 above and the full consideration of No. 2 above be reinvested into one single property of a value little higher than both exemptions u/s 54 and 54F put together.?
Eg. If after indexation the capital gain on No.1 is Rs.20 lkhas and the full sale consideration of No. 2 is 25 lakhs, can one single house of Rs.50 lakhs be purchased and claim Rs.20 lakhs u/s 54 and 25 lakhs under sec 54F?
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