23 December 2009
I HAVE SOLD A PROPERTY AND INCURRED CAPITAL GAIN, AGAINIST WHICH I HAVE PURCHASED 3 DIFFERENT PROPERTIES IN THE SAME YEAR. SO WHETHER I CAN CLAIM EXEMPTION U/S 54 ON THE TOTAL AMT OF THOSE THREE PROPERTIES OR FOR ONLY ONE PROPERTY??
23 December 2009
In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied.
K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62
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