Exemption u/s 54 of income tax act 1961

This query is : Resolved

Umesh Kajrolkar (Querist)
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01 December 2017 Mr. X has 5 no's of residential houses which is Long Term in Nature.
Mr. X sell House No. 3 and invest capital gain arising there from in another new residential house within a period of 1 year from the date of sale.
Will he get exemption in respect of Long Term Capital Gain arising from sale of House No.3 ?
Please guide....

Mayur

Mayur (Expert)
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04 December 2017 Yes, of course, he will be eligible for the exemption, the only condition relevant here that if he purchases more than one house, he will be eligible for deduction only in respect of one house.