11 July 2012
As per the Provision of the Act:- Yes,This statement is correct, does not matter whether assessee has one or more house on the date of transfer to claim exemption u/s 54
11 July 2012
Case law is not required if section does not restrict the assessee from claiming the exemption. Further, the Assessee can invest in more than one property for claiming the exemption then it can be construed that there is no condition of having only one residential property.
CAclubindia
