30 September 2009
Is the exemption u/s 54 of the I. T. Act restricted to long-term capital gains arising out of sale of only one residential property during the previous year?
Can an assessee avail exemption u/s 54 in respect of LTCG from sale of two separate properties and investment in two separate properties as two separate transactions (exemptions) during the previous year? i.e. Transaction / Exemption 1 = Sale proceeds (incl. LTCG) of 1st flat – invested in a residential flat at Delhi
Transaction / Exemption 2 = Sale proceeds (incl. LTCG) of 2nd flat – invested in a residential flat at Pune