A client had two properies one residential and one commercial. During the year he sold his commercial property for one crore and invested the amount in a residential property and is claiming exemption u/s 54 F. Subsequent to this in the same financial year he has sold the other residential property and has invested in another residential property and wants to claim exemption u/s 54. Whehter the second transaction in any way hits provision of section 54 F, which interalia says " the assessee does not purchase within one year or construct within 3 years, any residential house otherthan new asset"
Can anybody throw more light on the implications, preferably with decided cases, if any.
