Long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2015 Mr X sold a long term Capital Asset for a sale considertion of Rs 15lakhs and earned a LTCG (Net) of Rs 5 lakhs after deducting indexation, expenses etc, the same Rs 5 Lakhs has been utilised by him for construction of a residential house on a plot of land he already owned since last 20 years, is he eligible for deduction u/s54F on this construction. At the time of sale of the said asset :-
1) he has one more residential house
2) He does have any other residential house

Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 March 2015 what capital asset was sold by Mr x is not mentioned?

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