if assessee sale his agriculture land. consideration of land is received in the form of cash & residential flat. then can we take the exemption under section 54F ???????
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Section 54 f
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Yes ,because section 54F only requires that assessee should not have not more than one Residential HP as on the date of Investment u/s 54F and till the the 3 yrs of investment , in your case the Res flat you are getting against partial considerationj of capital gain cannot be said as your Res HP, but as a precautionery measure( i.e. in compliance of the condition that assessee should not occupy m,ore than 2RHPs= 1RHP+1RHP u/s 54F) you should not use that property as Res HP and for that you may Let out that or sale, as such you can take the benefit u/s 54F.
Anyway nice query and some other suggestions are invited.
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