28 November 2015
I had two residential houses(Let Out) in mumbai and one Residential house (self Occupation) in chennai.now i wants to purchase one residential house in chennai out of sale proceeds of one house in mumbai out of two residential houses.whether i will get 54 exemption or not
n section 54 of the Income-tax Act, in sub-section (1), for the words “constructed, a residentialhouse”, the words “constructed, one residential house in India” shall be substituted with effect from the 1st day of April, 2015.
CAclubindia
