24 December 2019
My client has got two residential houses. He sold one of the recently in Dec 2019 and LTCG is araised of the sale. Can he get exemption U/s 54 if he re invests the same as he wants to buy a new residential House? I feel Since he is holding two Residential houses, he cannot take Exemption. Does new finance bill amendment helps here? (One can invest in two residential houses if LTCG is below 2 Crs and once in life time) Thanks in advance.
24 December 2019
Yes he is eligible for exemption under section 54. Only problem is he can't buy 2 houses out of sale of one house when value exceed 2 crore.
CAclubindia
