Can exemption from long term capital gains tax under section 54F be availed if one already owns a house?

A person sells a plot of vacant land, purchased over 3 years ago, and from the sale proceeds of the land, he proposes to purchase a flat so that he can avail exemption of long term capital gains tax under section 54F. However, if he already owns one previous flat(house property) can he still avail the tax exemption by purchasing a second house property? Is there any limit to the number of house properties one already owns, prior to the purchase of this new house property, in order to avail the tax exemption under discussion?

All serious stock-exchange speculators in India, especially concerning BSE(SENSEX), please read this.?

The announcement of India’s 2008 budget no the 29th of February seems to have had crippling effects on the SENSEX.
Factors such as the increase of Capital Gains Tax from 10% to 15% have adversely affected the nations stocks, as the SENSEX tumbled nearly 900 points on the 3rd of March, being the first working day for BSE after the budget. Im a major stake-holder,but not one with any technical knowledge about stocks, with holdings such as EXIDE, RELIANCE INDUSTRIES,BRITANNIA,REL COMMUNICATIONS,etc. I was planning to liquidate my investment before this downfall of the SENSEX, but now am helpless due to the rock bottom prices that my share holdings would fetch me. What does the future hold for stocks, especially concerning the SENSEX? How long may i have to wait till it regains its original highs? Your help and concern are appreciated most gratefully. Thank You.

calculation of capital gains tax for property purchased during 1988?

I havfe purchased a residential plot in coimbatore during 1988 and constructed a house spending around Rs. 2 lakhs. The cost of land is Rs. 24500. Now I am planning sell the land and buildings for Rs. 40 lakhs.I am not having any bills for amount spend for thew house. How to calculate capital gains tax for this transaction.

Capital Gains on inherited property after re-development?

Our property is 50 years old & are developing residential scheme on our own (finance through bank – mortage loan against land). Out of say 4 units we are planning to sell 2 units & balance 2 units wiil be kept for self occupancy. In this case are we supposed to pay any capital gains tax? Experts Please respond.

Is there capital gains on factory property sold to pay bank debts?

As our company went into losses, we had large bank debts which had to be settled. The factory land and building was sold and the payment made directly to the bank to settle the debts. In fact even after selling the same, a small amount of debt remained outstanding. In this case when no sale proceeds has been received by me and when the company is also loss making is capital gains tax payable? What about properties sold under Bank DRT through SARFESI act?