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Section 54 - LTCG savings by reinvestment in a house

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(Querist)
26 March 2009 An individual owns 3 separate small houses for over 5 years.

He is planning to sell 2 of the small houses and reinvest the entire sales proceeds in a single big house - within 6 months.

He shall be owning 2 houses total after the transaction is over.

Will he be exempt from LTCG tax on the sale value of both the small houses that he is selling to buy a single big house?
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
26 March 2009 Yes. He shall be allowed Exemption u/s 54 from LTCG.
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Sanjay Soni

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Sanjay Soni (Expert)
27 March 2009 yes exemption is allowed
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
01 April 2009 yes exemption is allowed

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