10 September 2011
Can an assessee claim exemption U/s 54 if he sells two residential units(independent residential units) and purchases/constructs one house property
15 December 2011
Mumbai Division Bench decision In Rajesh Keshav Pillai V/s ITO(2011)141 TTJ(Mum)183, the Mumbai 'D' Bench has taken the view that there is no restrictions in section 54 that exemption is available only in respect of sale of one residential house and that exemption under section 54 is available in respect of sale of any number of residential houses provided that there are corresponding investments in as many number of residential houses and all other conditions are fulfilled.
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