20 October 2009
My uncle had 2 residential properties.He sold both and purchased a new one out of the sale proceeds of the two. Whether he can claim exemption in respect of LTCG arised from sell of both residential properties? Please mention the case law on which to base our report.
20 October 2009
I believe that the Act does not mention anything that prevents you to claim exemption.
Its like this - If I have sold one share at a gain of 1000 rs, and made loss of 100 rs each on two different shares, the net result will be 800 rs gain.
I surely feel that you can claim exemption from ltcg if it fits in the criteria, number of properties is not relevant, but the amounts are.
CAclubindia
