if assessee sale his agriculture land. consideration of land is received in the form of cash & residential flat. then can we take the exemption under section 54F ???????
1 Replies
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 03 August 2012
Yes ,because section 54F only requires that assessee should not have not more than one Residential HP as on the date of Investment u/s 54F and till the the 3 yrs of investment , in your case the Res flat you are getting against partial considerationj of capital gain cannot be said as your Res HP, but as a precautionery measure( i.e. in compliance of the condition that assessee should not occupy m,ore than 2RHPs= 1RHP+1RHP u/s 54F) you should not use that property as Res HP and for that you may Let out that or sale, as such you can take the benefit u/s 54F.
Anyway nice query and some other suggestions are invited.
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