Long term capital gains

He is eligible to claim exemption u/s 54. And there is no restriction on number of house for the purpose of claiming exemption u/s 54

Hi

the NRI can claim exemption only on one flat not on both under section 54F

regards

Any supporting case law for claiming exemption u/s 54 and having bought 2 different residential properties?

Anand Basapa vs cit

Latest

CIT vs. Syed Ali Adil

Exemption Under Sec 54 is available upto a residential House. 

A residential House  should be construed as one Residential building. In  CIT vs Syed Ali Adil, the Assessee purchase 2 flats one Building the is why he got the exemption U/s 54.

You asked for purchase two residential house not Flats , so as per the Case law exemption would be avilable upto one Residential house , however if you will purchase two flats in same Residential building then the exemption of Both Would be available.

in Sec 54F = The Cap gain arises from the transfer of any long term capital Asset not being a residential house property shall be exepmt if condition laid down in the act is satisfied by the assessee.

so as the NRI sold house property (assuming it as Residential House Property) in that case sec 54F is not Applicable.

& if the House property is not a Residential House preoperty then also exemption U/s 54F will not be Availaible due to the following reason

Sec 54F is not applicable in case , where the assessee owns more than one residential house , other than the new Asset on the date of Transfer of the Capital Asset. In simple Words , Exemption U/s 54F is available if the assessee on the date of Transfer owns one Residential House and Further one Residential house purchased  under Section 54F i.e only 2 residential house should be owned including the house purchased using the amount of Sales Consideretion under this Section i.e 54F.