Section 54f

gopalagarwal78 (Chartered Accountant) (15 Points)

02 March 2015  

Long term capital gain accured to the assessee in the financial year 2013-14 on compulsory acquisition of land. The assessee invested the amount received on development of property which was given on rent to a PSU Bank for opening a branch. Is the assessee eligible to claim exemption on section 54F since section 54F speaks about residental house and in the present case the property will have a commercial use.