23 December 2010
if i sale 2 residential house and invest long term capital gain of that assets into a new residential house. Am I eligible for exemptiom U/S 54 for both the houses
24 December 2010
See the contents of the sectin "where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head "Income from house property........"
So they used the word lands and buildings... so mostly you will get exemtion for both the houses
24 December 2010
sorry but i dont have any case law on the same but you can ask B chakrapani worrier he might guide yu on this better... give my reference
CAclubindia
