Sec 54 & 54 f

Hello Komal ji,

The basic question is whether exemption u/s 54 & u/s 54f on the same property is admissible or not ? There is nothing in the Act that prohibits claim under section 54 & 54F simultaneously.  In fact,conditions under both the section is different and therefore both these provisions are for different situation.  Hence,if conditions of the said provisions are fulfilled,claim of exemption shall lie even if only one property is purchased to claim the LTCG arisen on sale of different assets.It is settled principal that section 54 & 54F are relief mechanism and therefore,if the conditions are fulfilled,the exemptions are allowable.There is no bar in section 54 or in section 54F against claiming exemption for time for the same property if the cost of the property is within the limit arisen to the assessee.

Reliance may be placed on the judgment in the case of Anagha Ajit Patenkar v ITO (2006) 9 SOT 685 (Mum).
 

I'm agreed with Mr.Mangesh. There is no such restriction under both of these sections.

Benfit can be avalied in section 54 & 54 F of the act SIMULTANEOUSLY.

plz refer the judgement  of Venkata Ramana Umareddy, V/s. Dy. CIT, Cir-3(3), Hyderabad