The Assessee sold a plot in F.Y 2020-21 and ok and invested in purchase of new house (sec 54F) and balance in bonds, he did not own any house earlier. In the same F.Y he sold shares and wants to invest in purchase another house. Now can he purchases in the same F.Y and if can his exemption claimed under section 54F be disallowed. My understanding of the exemption is that one can own one house for self and the second house is to declared under income house property.But there is no case law to support this. Can anybody explain the section in the above context
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