Key Highlights
- Name withheld on request Long-term capital gains on the sale of land would be taxable unless reinvested in a residential house or capital gains bonds.
- No exemption is available if the sale proceeds are used to purchase a commercial shop.
- Exemption under section 54F is available only if the sale proceeds from the sale of the long-term capital asset are reinvested in a residential property.
- Further, the exemption is available only if he owns not more than one residential house on the date of sale of the land.
- Section 54F requires the assessee to purchase or construct a new residential house from the proceeds from sale of land.
