One of my client has sold a long term capital assets in previous year 2011-12 amounting to Rs. 12 lakhs. The assessee has purchased a new house on 12-5-2012 and invested Rs. 18 lakhs in the new house for claiming exemption under section 54F. In the Assessment Year 2012-13 he claimed exemption of whole of the long term capital gain which amounts to Rs. 8 Lakhs under section 54F.
In the previous year 2012-13, assessee sold another long term capital assets amounting to Rs. 4 Lakhs.
Whether he is entitled to take the benefit of extra invested amount (18 Lakh-12Lakh=6 Lakhs) in the Assessment year 2013-14 under section 54F????
Thanks In Advance…