sir, I have sold long term taxable agricultural land and also invested in residential property. Sir, can I take deduction for investing in residential house against long term capital gain arise by sold agricultural land? If i can take benefit then under which section? please reply at your earliest.
26 November 2014
The above exemption shall be available only when the assessee does not own more than 1 Residential House Property on the date of transfer of such asset exclusive of the one he has bought for claiming exemption under section 54F
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