Exemption u/s 54 & 54f

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preeti (Querist)
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13 March 2012 hi every one,
I want to know that if i sold 2 or 3 agricultural lands and purchase only one residential property can i claim exemption from whole capital gain on more than one land sold against only one residential property purchased u/s 54f. Is there any case law decided on that matter please share that case for my reference

Thanks
Preeti Satija

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 March 2012 Yes you can claim exemption u/s 54F for multiple assets sold. Section 54F does not specify that the exemption is available only against a single asset.

However, you sais that you have sold agricultural land. Capital gain arising on sale of agricultural land is exempt.

preeti

preeti (Querist)
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13 March 2012 Thanks sir, But its an urban agricultural land so it is not exempt. and please share any case law decided on this matter.

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