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Capital Gains

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(Querist)
04 March 2009 Assessee sold shares results in long term capital gains, buys 3 flats in the same apartment can he claim exemption under section 54F. He does not own any residential property as on date.
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
04 March 2009 yes he can for first two houses only as per limit provided in 54F.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
05 March 2009 In my opinion of the section, he can claim exemption for only one property.
Given this opinion because there is no citation on such issue.
Other views of expert needed.
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CA Sanjeev Kr Jain

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CA Sanjeev Kr Jain (Expert)
05 March 2009 sir if shares were listed and STT was paid on their sale than no taxation & also no deduction required
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Sara.........

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Sara......... (Querist)
07 March 2009 No as I quoted shares sales results in LTCG (they were unlisted).
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