one of our client has sold his long term capital asset long term asset other than a residential property in oct -12 and has got the consideration arnd 1.77 crores and has acquired house of Rs. 2.29 crores in march-12 and thus has claimed exemption u/s 54F, which in all phases satisfy the conditions of 54F...
Now after purchasing the residential house in march 2012 he has again sold A residential property (other than that purchased in Mar-12) in apr-12 and has long term capital gain of Rs. 40 lacs.
So can he claim exemption under section 54 against the long term cap gain of rs. 40 lacs on the sale of the residential property via purchase of the residential house in march-12 having the balance of 52 lacs....(2.29 crores - 1.77 crores).
CAclubindia
