Long term capital gain exemption under section 54f

Hi, I am having doubt in claiming exemption under section 54F. Kindly clarify.

I am having two property, one is residential and another one is plot bought in 2003.  Now I am selling my plot and I will buy the another plot within 2 years. Now can i claim the benefit of section 54F.

Replies (8)

Exemption u/s. 54F is available only if you purchase or construct a house property within stipulated time period, but not over any plot purchase.....

Thank you very much for your reply.  If I purchase of a house property with in the stipulated time, then I will be having two properties in my hand can I still cliam the exemption.

Yes........ the condition is while purchasing any new house property for exemption u/s. 54F, you should not have more than one house property.... 

you can purchase plot and construct house property within 3 years from the date of sale for claiming deduction under 54F
dhirajlal sir.. condition hai
on the date of transfer

@ CA Tara Singh : Yes, You are correct...... I stand retified to that aspect, in the query

thnku Sir

I too Thank You for the clarification.....

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