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Capital gain Exemption

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02 October 2007 In case an individual sells his urban agricultural land and has capital gains, the same person also has a residential property and has bought another residential house a year ago. Can the second house bought a year ago be used to claim capital gain exemption?
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CA. Ramesh P Choudhary

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CA. Ramesh P Choudhary (Expert)
03 October 2007 Sec. 54F is applicable if the investor doesn’t own more than one residential house, other than the new house, on the date when he earns long-term capital gains.
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Sara.........

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Sara......... (Querist)
04 October 2007 Thanks for the details
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