Capital gain arising from selling Multiple property can be used for one residential property us 54f?

[richmondjema]

I am selling my urban agriculture land ( capital asset ) spread across various sections thus there will be different sale deed for every area that falls under land. Let's say 5 diff sale deeds.

If I combine 5 diff net sale consideration and use It for buying of one residential property us 54f, will I be able to eligible to claim the deduction considering I am fulfilling all the norms that I do not own more than one residential property other than new asset that we are supposed to buy to claim deduction ?

Second, if I am not able to purchase residential property before itr filing date then I need to deposit net sale consideration into CGAS account. Can I use that amount in next financial year and claim deduction along with the amount which I'll be selling another piece of land ( earlier X amount and next FY amount Y)
X+Y amount us 54f to buy one residential property.?
Please enlighten me more.

 

[davewilson]

@richmondjema To my knowledge, answer is YES for both questions. Please consult a CA. Yours seems to a high value transaction and if you are going to get cash in hand and deposit, you'll be notified by IT Department.

 

[richmondjema]

@davewilson I won't deposit cash