An assessee is owning old residential house and also plot of land. Both the assets are long term capital assets. Assesseee wants to sell plot of land and from the sale proceeds, assessee will demolish old residential house and wants to construct new house. Can assessee claim Long term capital gains exemption u/s. 54F arisen from sale of plot against the construction of new house in place of old demolished house . Also As the construction of new house will require handsome amount, Assessee's Daughter in law which she is also having Plot of land will sell said plot and…
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Exemption of capital gain u/s.54F