12 October 2015
in 1988 i and my husband had bought a residential house investing 50% each and also filed seperete returns showing self occupied residence - in 2006 we sold the house and reinvested the full capital gains in another residence again investing 50% each and also showed the same as 50% self occupied in the returns - Now in 2015 we sold this 2nd residence and received the capital gains/50% sale amount in our respective bank accounts - Now i wish to know if can we buy two seperate residences i.e. two flats in our respective names and not joint as we have done in the past are we eligible u/s 54 or not kindly guide as some people say that you cannot by two seperate flats after selling one pls note we file seperate returns and are seperate individuals as per the income tax -
CAclubindia
