Section 54 f, single res. house

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anant (Querist)
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06 September 2013 SIRS
I sold a vacant urban land in fy 2011-12.At that time I had one let out residential flat(allotted in partition of huf of father) in my sole name and undivided share in one more self occupied(by me and brothers) residential house.Will I get exemption by investing in another res. flat in the following situation-
Although me and my two brothers were partitioned in respect of 95% of our joint property but in respect of one residential house in which all brothers live together having one kitchen still.
please reply soon
thanks in advance

anant

anant (Querist)
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07 September 2013 undivided share in a joint family property or coownership in a property does not constitute absolute ownership of the same and as such exemption u/s 54f shall be available.
REF; ito vrs sri rasiklal n satra ITAT 19/9/05
S.C. Banarsi das gupta vrs CIT 166 ITR 783

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