yes he can avail exemption.

only i hp should be there prior to new hp

agreed.....you can own one house property prior to entering into new transac.

Me too agree with CS Pushkar Agarwal, Anupreksha Thote, Mayank Mall.

For More Clarification :

Conditions Must be followed

1. Asser other than Residential housae transferred

2. Applicable for Individual and HUF.

3. Should be long term capital asset

4. Assesee should not own more than one House on date of Transfer.( So mr Kapil, it is clarify that he can avail Exemption u/s 54F  if one already owns a house)

5. amount to be invested for purchasing new house is - Net Consideration received. if not, Exemption should be reduced proportiolately to amount received )

6. Purchase only a resident house.

7. sale of new house (same as section 54)

Dear Sirs, if he already owns two house properties and hence cannot claim exemption under section 54F, what are the other ways out to save tax? 

EXEMPTION CAN BE CLAIMED UNDER SECTION 54EC BY INVESTING IN NHAI OR RECL BONDS REDEEMABLE AFTER 3 YEARS UPTO UPPER LIMIT OF 50 LACS PROVIDED SUCH INVESTMENT SHOULD BE MADE WITHIN 6 MONTHS OF TRANSFER.

Originally posted by : CS Pushkar Agarwal
	EXEMPTION CAN BE CLAIMED UNDER SECTION 54EC BY INVESTING IN NHAI OR RECL BONDS REDEEMABLE AFTER 3 YEARS UPTO UPPER LIMIT OF 50 LACS PROVIDED SUCH INVESTMENT SHOULD BE MADE WITHIN 3 YEARS OF TRANSFER.

Well i think investment limit in bonds u/s 54EC has to be made within 6 months and Capital Gain scheme is not applicable here.

YES........... YOU CAN AVAIL THE EXEMPTION.........

does section 54 f is applicable in case of long term capital arrising from sale of commercial property