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Long term capital gains on residential property

This query is : Resolved 
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22 July 2012 I built an independant house on a 2687 Sq Ft land (settled in my favour by my father in 1979) out of loan availed from my employer Indian Bank. The total amount spent was around Rs.6 lakhs availed in various periods and the present Indexed cost of acquisition comes to Rs.18 lakhs.
Now I have sold 2000/2687 Sq Ft undivided share of land to a builder who is going to demolish the building and construct flats for a consideration of 1 flat measuring 1200 Sq Ft and cash compensation of Rs.85 lakhs. If I invest in another property for Rs.75 lakhs out of the sale compensation of 85 lakhs, will I get Long Term Capital gain exemption.
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Amol S Joglekar

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Amol S Joglekar (Expert)
31 July 2012 if you sale/ develope land along with bungalow, you will get exemption u/s54. But if you sale only the land ( or proportionate FSI)you will get the exemption u/s 54F
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