capital gain U/s 54 on residential house property

This query is : Resolved 

14 February 2008 Dear sir,
One of my friend has three house property in his name ,he is selling two house property and will have capital gains on it .
My query is that whether two house property will qualify for exemption U/S 54, if he re invest the amount of capital gain in aquiring new residential house property

14 February 2008 If the whole of the consideration is paid & possession of the house is obtained, the exemption contempleted u/s 54 is attracted.
Construction of the house should be completed within 3 yrs from the date of transfer.
The House Property so purchased/constructed has not been transferred within a period of 3 yrs from the date of purchase/construction.



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