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Exemption on sec 54f

This query is : Resolved 
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26 December 2011 Case: Factory purchased in 2007 in Rs. 15,00,000. is running in form of partnership but the ownership of land and building is in the name of main partner(A) only and other partners have profit sharing only.

In 2011 the main partner(A) sells the factory for rs. 60L.

Query:
1. Can "A" claim sec 54F exemption by purchasing a house property worth rs. 70L in 2011.
2. what r the problems and conditions attached to it in brief.

* please only experts comment who have thorough knowledge of the topic.
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S.P.Mahanta

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S.P.Mahanta (Expert)
28 April 2012 A can claim exemption u/s 54 F of IT act.
A to submit doc: in support of procurement of house property with payment evidence of 70 lakhs.
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