02 April 2014
one of my client is having two residential property. one is self occupied and second is vacant. Now he sold out the vacant property and purchase a new property. My question is whether he can claim the exemption of section 54 against the capital gain, whereas he has already a self occupied property.
03 April 2014
Dear Deepak in the given case exemption u/s 54 is available as there is no condition in sec 54 that the assessee should not own any other house as on date of transfer or date of purchase on new house.