Beware for two years clause if earlier claimed exemption u/s 54F!

We ( my wife &self),(joint name) sold our plot .To avail Tax Exemption under sec 54 F,We purchased a house within one year from the date of sale after investing net consideration amount.I will not sell the new asset for three years. Now we have our own savings and we want to purchase a flat in our name. In Nov 2006 one year period will be over from the date of sale of our old asset. (plot).Can we or we have to wait for two years from the date of sale of old asset. Other facts are I did own a house earlier, my wife did not. Alternatively suggest.–Thanks
From: mailto:kandhari_mail@

1. No, since the one year completes on 1/11/06 , you can buy a new residential house , however remember you will have to claim it as a house in which you live , so that the house property is not taxable under house property income.Why is this important because of Section 54(2) which says

” Where the assessee purchases, within the period of two years after the date of the transfer of the original asset, or constructs, within the period of three years after such date, any residential house, the income from which is chargeable under the head Income from house property, other than the new asset, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a), or, as the case may be, clause (b), of sub-section (1), shall be deemed to be income chargeable under the head Capital gains relating to long-term capital assets of the previous year in which such residential house is purchased or constructed.”