Sale of jewels

Exemption from capital gain can be claimed u/s 54F if certain conditions are satisfied.

Exemption u/s 54 will be available if new residential House is purchased within the time limit, or

New property is constructed within the time imit. 

I am not sure about substantial renovation of old house being covered under this section. Can you confirm Poornima?

But if u observe the query, it is mentioned as 'constructing newly old house'. So i presumed it not to be renovation. If renovation, u r right, no exemption u/s 54F.