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Exemption u/s 54

This query is : Resolved 
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(Querist)
03 June 2014 Dear Members,
One of my clients sold a long term residential land and sold it and purchased a new residential land from the proceeds.
Will any exemption be available under section 54 or 54 F
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
10 June 2014 no exemption will be available under section 54 or 54F, since exemption under section 54 is available only in case of transfer of residential house property and purchase of residential house property from out of capital gains. Similarly for availing section 54F exemption, the capital gains accruing from transfer of any asset other than residential house property must be invested in residential house property only. Your case is a case of transfer and purchase of residential land only hence no exemption is available.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
10 June 2014 no exemption will be available under section 54 or 54F, since exemption under section 54 is available only in case of transfer of residential house property and purchase of residential house property from out of capital gains. Similarly for availing section 54F exemption, the capital gains accruing from transfer of any asset other than residential house property must be invested in residential house property only. Your case is a case of transfer and purchase of residential land only hence no exemption is available.
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