I along with my 2 brothers having jointly owned urban agricultural land purchased before 10 years. We are planning to sell this jointly owned urban agricultural land. Long term capital gain arising from transfer of capital asset is to be invested in purchase of residential house property, We three of us are living in separate houses. Each of us are having only one residential house property in which we are living.
1) Whether exemption under section 54F is available?
2) If Yes, Can i invest in three different houses in their individual names or else i will have to invest in only one jointly owned residential house property.
Please help me out.
Email Id: ca_neelgajiwala_09 @ yahoo.com
CAclubindia
