Applicability of 54F

Summary: You can claim an exemption under Section 54F if you invest your net sale consideration into one new residential house in India, provided you do not own more than one other residential house on the date of sale. Because you are a co-owner of two properties, your eligibility is legally ambiguous; while some tribunal rulings support the idea that fractional/joint ownership does not disqualify you, it remains a contested area that may invite scrutiny from the Income Tax Department.