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Capital gains exemption

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(Querist)
09 July 2015 To claim exemption under Section 54F, is it mandatory that the same funds that the assessee received as the sales consideration of land be used for the purchase of the residential house?
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CA. Narendra Purohit

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CA. Narendra Purohit (Expert)
09 July 2015 Provision of Sec 54F :
1. Eligible Assesee : Individual
2. Capital Gain :- Long Term
3. lock In Period :- 3 years
4. amount of re investment as follows:
(a). if cost of new assets is not less then net consideration than no capital Gain charged:

(b). if the cost of new assets is less than net consideration then proportion of consideration is charged to tax.

Capital GAin x Cost of new house/Net Sale consideration = Amount of exemtion to be claied .

Remaining is chargble to tax us 45
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