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cap gains

This query is : Resolved 
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(Querist)
18 March 2009 Value of hp1- 1500000
sold for - 5000000
bought a new house2 for 1 cr
housing loan 90 lacs
cap gains invested -30 lacs..
will the assessee be entitled for sec 54???
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
18 March 2009 IF THE FIRST HOUSE IS HELD FOR MORE THAN THREE YEARS AND THE SECOND HOUSE IS PURCHASED/ CONSTRUCTED WITHIN THE TIME LIMIT PRESCRIBED U/S 54 THAN THE ASSESSEE IS ENTITLED FOR SEC 54 EXEMPTION.
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