22 December 2012
Hello sir/madam I have a property (long term)other than residential property which i want to transfer. i also own a residential property in delhi (long term) and 50% share in residential property in jaipur (long term). if the full sale consideration realized from the sale of property, i invest in acquiring other 50% share in jaipur's property then will i get the exemption uder section 54f. THANK YOU
23 December 2012
You are not fulfilling the basic eligibility condition for applicability of section 54F. You should not own more than one residential house as on the date of transfer of the long-term capital asset (other than residential house property). Hence you cannot claim exemption u/s 54F at all.
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