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Section 54

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(Querist)
25 March 2016 Respected sir,

I own one residential house property-1 and I have purchased another residential house property-2 in 05 april, 2013. I have given the residential house property-2 on rent. If I sold my one house property-1 on 04 july, 2013. Can I get exemption u/s 54 for capital gain on sell of property-1 against purchase of property-2 ? Also note that I have purchased property-3 as on 10 july, 2013.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
25 March 2016 You will not get any exemption, u/s 54 you are eligible to claim CG on one property only.
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jay joshi

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jay joshi (Querist)
26 March 2016 So, according to you we take the exemption of either purchase of residential house-2 or residential house-3.
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