05 June 2012
Capital Gain exemption u/s 54 on sale of property used for residence is available to individuals and HUF if the Capital Gains arising from sale of "house property" is applied to purchase another "house property" within the defined period for buying / construction. How many properties can be owned by the assessee to avail exemption under Section 54? Can these be more than 2?
CAclubindia
