Capital gain - section 54f

There are many many complications in these 2 sections 54 and 54 F and we have over 1000 judgements.

Part ownership is considered and hence you own 2 house properties and exemption u/s 54F can not be availed.

"Provided that nothing contained in this sub-section shall apply where—

 (a) the assessee,—

   (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; o"

First part of my doubt was out of curiousity. Actually in my case,

Myself and wife sold individualky owned plots each along with one jointly held apartment. With the money we are buying another apartment and constructing another house both jointly held.

I was hoping to get exemption on both the new residences as its for two assesses. Now I am confused if IT says I claimed 54f for apartment though partly held and constructed another house within 3  years. Hence no exemption on anything. Same argument if applied to wife, I end up paying capital gain on entire amount inspite of investment.

Heck these laws are so complicated and doesnt make sense.

I would need to know a few things before I say anything. I will get back to it tomorrow.