29 December 2012
Hello Sir, Client of our firm has puchased two houses so my qus. is that is exemption u/s 54 is allowed for purchase of more than one house as language of this section state that purchase of "a residential house" Thanx in advance
29 December 2012
yes Tripti, Exemption is not limited to acquisition of one house. For instance a tax payer may purchase of two houses, or he can purchase a house and construct first floor of the house so purchased or a person can construct two or more houses etc. Similarly a tax payer may sell two houses and may purchase one house for the purpose of availing exemption u/s 54.
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