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Income-tax u/s 54 f

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(Querist)
30 December 2011 My Client is already having a residencial House Property. Now he is selling a vacant land for Rs 10.00 lakhs and land was purchased for Rs 1.00 in the year 1996-97, after adopting indexed cost he wants to invest in purchasing of another residencial house of the entire Capital Gain. Can he avail exemption u/s 54 F.
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Mahesh Paryani

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Mahesh Paryani (Expert)
30 December 2011 Dear Ravikanth

Yes as per my opinion he can avail the benefit of 54F (With regards of given set of information)

Regards
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
30 December 2011 Full Exemption u/s 54F could be taken subject to investment of full sales proceeds in the residential house property and not the capital gains only subject to fulfillment of other conditions prescribed u/s 54F.
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vipul Shah

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vipul Shah (Expert)
30 December 2011 Yes assessee can purchase hp provided he dose not have more than 1 hp on the date of sale of land.
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