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Section- 54F of the Income Tax Act-1961

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Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2011 Dear Friends

I have one query regarding Section-54F of the inconme Tax Act,1961.Which is as follw

If i have one Agriculture land, one residential house & investment in some another property also (in the FY 2009-10) , and i have long term capital gain from jewellery sale (In FY 2010-11).

So can i take exemption for new residential house property in the FY 2010-11

Pls send rply asap.

Regards

Parveen Goyal.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 February 2011 1. Investment in some another property means
it is not residential house. is it so?
2.The said Jewellery is also covered in "another property" held by you.
3. You can invest the capital gains in new residential house property and get benefit U/s 54F.
4. There are certain conditions for sale of new house property and purchase of another new house property within a stipulated time which are also to be kept in mind.

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