Ltcg on agricultural land - section 54f

Snehal (Learning Tax) (129 Points)

24 November 2011  

An assesseee wants to sell his Agricultural Land situated in an urban zone bought in year 2003 & want's to invest the Long term Capital Gains arising therefrom in buying flat in an underconstuction building. He has no residential property in his name.

Can he claim exemption u/s 54F?