Whether Capital Gains exempt from tax u/s 54F for my case?

Exemption under section 54F is not available it the assessee owns more than one residential house, other than the new asset, on the date of transfer of the original asset.

Yes, you can claim the benefit u/s.54F. The basic condition for claiming deduction u/s.54F is that you have to construct a new house property within a period of 3 years from the date of sale of old property. You have to deposit the amounts with banks as fd under capital gain scheme.whenever you are using these amounts for construction of property within a period of three years i.e. from 30-03-09, you have to withdraw the same from the said fd kept under capital gain scheme. If you will not construct a property within a period of 3 years, then in that year, you have to pay capital gain tax.

Originally posted by : tejas shah
	Yes, you can claim the benefit u/s.54F. The basic condition for claiming deduction u/s.54F is that you have to construct a new house property within a period of 3 years from the date of sale of old property. You have to deposit the amounts with banks as fd under capital gain scheme.whenever you are using these amounts for construction of property within a period of three years i.e. from 30-03-09, you have to withdraw the same from the said fd kept under capital gain scheme. If you will not construct a property within a period of 3 years, then in that year, you have to pay capital gain tax.

I agree