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Ltcg on sale of residential house

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 August 2017 Assessee is having 4 residential house and shown income from house property for all the property. In this year he is selling 2 house and retain 2 house. LTCG on sale of these two house is utilised for purchase of another 1 house in the same year. Is this LTCG eligible for exe u/s 54
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
16 August 2017 The new residential property must not exceed one property in order to claim exemption under sec 54
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
16 August 2017 ltcg on sale of two property can be therefore invested in ONE residential property purchase.
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