Assessees Seema Bhattacharya and  Jharna Bhattacharya  were wives of kartas Shankar Bhattacharya  and  Bhaskar Bhattacharya   who were brothers. Assessees sold their agricultural land and purchased an immovable property from sale consideration. Assessee Shankar Bhattacharya   claimed exemption under section 54B for investment of sale proceeds in agricultural land. Assessing Officer denied said claim on ground that capital asset sold was a residential plot and not agricultural land. Held that  there was nothing on record to suggest that either land was converted into residential purposes or even construction of residential house for claiming exemption under section 54F. Since plots of land sold which formed share of Jharna Bhattachrya  were property held by karta, Bhaskar Bhattachrya  capital gains could only be assessed in his hands and question of exemption under section 54B/54F to assessee, JB is not eligible.  (AY. 2009-10)