Capital gain exemption u/s 54

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Ishan Khanuja (Querist)
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25 November 2014 Sir/Madam,

Whether i can claim exemption under Section 54 for re investment in two residential units purchased at different cities.

One Flat Sold for 1 Crore

against which,

One Flat Purchased in Mumbai for 50 Lacs

One Flat Purchased in Bangaluru for 50 Lacs

Can i claim the exemption on both units purchased.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 November 2014 Budget 2014 has introduced an amendment to Section 54 and from Financial Year 2014-15 i.e. Assessment Year 2015-16, exemption under Section 54 is available if the amount is re-invested in 1 Residential House situated in India.

Rupesh Jain

Rupesh Jain (Expert)
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25 November 2014 u/s 54 exemption only for one residential house not for two house.

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