Capital gain on sale of land

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I have  sold a land on oct 2016  for Rs.10 lakhs purchased at a cost of around 2.5 lakhs   7 years ago and used it for construction of Residential property .  I have a rental income from  property of two units situated  in the same building . Since I am receiving income  from two house property my auditor says that we cannot  claim exemption for the capital gain on sale of property .Is it correct  Please Reply or send your answers to sankar24071981 @ gmail.com

Replies (4)

" Since I am receiving income  from two house property my auditor says that we cannot  claim exemption for the capital gain on sale of property .Is it correct?"

Not correct.

You can get exemption u/s. 54/54EC as residential house property sold after more than 3 years holding period.

Thanks for  the Reply Sir. I have sold a vacant land  and my auditor says  the timelimit  for investment in 54EC  has expired and 54  is available only for sale of house property .Since  I have sold a  vacant land  and showing rental income of more than one property  I cannot claim Exemption for third property which is under construction(I have used my sale proceed to construct the property ) . I have not filed the return Yet . Please help

the auditor is correct.

Can the rental incomes from two units in the same building  be treated  as one residential property and exemption claimed under Section 54F.? 

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