Exemption U/S 54F

This discussion explores the nuances of claiming an exemption under Section 54F of the Income Tax Act. The querist sold a plot and invested in a new house and bonds in FY 2020-21, having previously owned no property. They also sold shares in the same year and wish to purchase another house. The core question is whether purchasing a second house within the same financial year, from the proceeds of different asset sales, would invalidate the Section 54F exemption. The querist seeks clarification on whether owning one house for self-occupation and declaring another under income from house property impacts the exemption, as they are looking for case law to support their understanding.