Capital Gain exemption?

Yes it will exempt u/s 54 F

but the condition is that u doesn't own any residential house and u should invest the entire sale proceed must have been reinvested into construction of residential building with 3 yrs from the date of transfer..

Ohh i do own a residential house so i wont be able to claim exemption then. thanks alot.

@ kirti
Do not get disappointed.
You get exemption under 54F if you use plot sale money to construct residential house on another plot. Construction you have to finish in 3 yrs from date of plot sale.

Deduction will be to the extent you utilise plot sale money. eg. if you use 70% of plot sale money on construction then you get 70% of capital gain exemption.

@ kapadia pravin but is there a condition that one should not own more than one residential house? bcoz i already own 2 flats.