Capital gain

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SUBHASHIS GHATAK (Querist)
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10 February 2018 A person has sold his property by 1.90 crore and purchase 6 flats in two apartments namely in Apartment A (TWO flats) in Apartment B (FOUR Flats) respectively.Naturally cost of flats in Apartment B is much higher than A.So for exemption u/s 54
1.It is possible to take consideration of all the four flats in Apartment B.Out of four, Three flats are in the same floor but separated by wall.
2.As from AY 2015-16 only one residential house can be purchased or constructed.So how we can claim deduction u/s 54.Please advise with a legal pronouncement if available.

Arpit

Arpit (Expert)
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12 February 2018 HIGH COURT OF BOMBAY - Commissioner of Income-tax -21, Mumbai v. Devdas Naik

You can refer this case law and can take those three units separated by wall as one residential property. But lot of other factors needs to be seen for taking the benefit under section 54. General layout plan, internal layout plan, map, agreements needs to be seen for deciding whether the benefit can be taken or not