Exemption u/s 54f if two plots sold and one flat purchased

This query is : Resolved

Ganu (Querist)
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07 January 2013 Please tell me whether there will be exemption u/s 54F if I sell two plots and with that consideration I purchase a residential flat.

If yes, how to bifurcate the cost of new residential house in the consideration of different plots.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 January 2013 Please read the instruction for filling up the Capital Gains Schedule -

(c) Schedule-CG,-
If more than one short-term capital asset has been transferred, make the combined computation for all the assets. Similarly, make the combined computation for all the assets if more than one long-term capital asset has been transferred.
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This will make your task easier, as you will be able to claim 54F benefit against cumulative sales consideration.
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