An assessee sells two different lands held for more than 3 years and wants to invest the entire sale proceeds in constructing one residential house. Can he avail of exemption u/s 54 F of Income Tax Act ?
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Capital Gain
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Meaning of "Any long term asset" -
1. A person sales jewellery made of gold -4 bangels, necklace, nosepin ,all long term capital assets. All can be individually identified & separable.
2. Shares, held for long term, of various companies, transferred and LTCG of Rs 10.00 lac has arisen.
Whether Sales Consideration if invested in residential house, LTCG would be exempt U/s 54F or not ?
The answer is Yes.
On this logic I can say that LTCG arising on sale of two land plots, if invested in Residential House, U/s 54F exemption will be available for the gains in both the plots.
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