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Q. > Please Help: Exemption u/s 54F
1. My client has sold one commercial property for 2,70,00,000 in Jan 2014. Indexed cost of acquisition was 30,00,000. So LTCG comes to Rs. 2,40,00,000. He has taken ready to move in residential property of Rs. 2,20,00,000 in Jan 2014. At the time of sale of said commercial property he was not having any residential property in his name but he has invested in two or three residential flats of some builder in construction link plan (Till date possession has not been received).
-My question:- Is new property purchased by client for Rs. 2,20,00,000 is eligible for exemption under section 54F?
2. In Feb 2014 he sold another commercial property for Rs. 46,00,000. Indexed cost of acquisition was Rs. 16,00,000. So LTCG comes to Rs. 30,00,000. He has booked 2 residential flats and make the payment of Rs. 25,00,000 for each in Feb 2014 and also made payment of Rs. 30,00,000 for the flats booked prior to above said property sale. Till now he has only one residential property in possession.
-My question:-
1. Can he claim exemption of 54F again for second property sold?
2. Advise how he can save his LTCG of both the cases to the maximum amount.
Experts Panelist
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