Section 54F grant exemption from capital gains from sale of capital asset other than a house ( like plot, jewellery etc.) where the amount of proceeds from such sale are reinvested in purchase/construction of house provided no more than one house is held on the date of sale of such capital asset.
By the decision of Tribunal in Atul Govindji Shroff v Dy CIT [2024] 166 taxmann.com 246 (Ahmedabad – Trib.)[05-07-2024] even house held jointly with his wife and daughter would be counted as one house so that in this case the assessee was deprived of its claim for exemption for having held two houses being one of them a farm house property held in his individual name and the other being the house held jointly by him with his wife and daughter.