The assessee an individual sold a plot of land and invested the amount in the purchase of new apartment within six months. He already owns another apartment and also a co-owner of another residential house at the time of selling of the land. Can he claim benefit u/s 54F. In the co-ownership property the main owner is another person.
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Benefit u/s 54f
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Relevant part of proviso to section 54 F is reproduced here under
" provided that noting contained in the sub section shall apply where
(a)the assessee
(i) owns more than one residential house other than the new assets on the date of the transfer of the original asset or
(ii)...................."
Clause (a) (i) to the proviso of section 54 F have been inserted by finance act 2000,and after this amendment person who owns a one house other than new house can also claim exemption of capital gain u/s 54 F.
Therefore, it is clear that, he can claim deduction u/s54F.
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