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Query relating to s. 54f cg

This query is : Resolved 
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(Querist)
08 August 2012 Dear Sir,
my query is relating to Sec.54 F of income tax act.
My client has long term capital gain of Rs. 30 lakhs from sale of Gold, he has purchased a house 1 year before for Rs. 35 Lakhs by borrowing loan from bank of Rs. 25 lakhs. All the conditions of sec.54F are satisfied, I want to know what will be exemption he get?

Formula of 54F = 35,00,000*30,00,000/32,00,000

or = 10,00,0000*30,00,000/32,00,000

Which is correct for taking exemption

Pleas suggest me.
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sudarshan

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sudarshan (Expert)
09 August 2012 in my opinion, the second method is correct
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