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Capital gains

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(Querist)
06 January 2016 It is proposed to amend the aforesaid sub-section (1) of section 54F so as to provide that the exemption is available if the investment is made in one residential house situated in India. These amendments will take effect from 1st April, 2015 and will accordingly apply in relation to assessment year 2015-16 and subsequent assessment years.
Sir Please Clarify in the above context that the assessee can own one house on the date of transfer other than the new house? or does it means that the assessee should not own any house other than the new one?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 January 2016 Assessee can own one house other than the new house. "One Residential House " has been substituted for
."a Residential House " so as to clarify more specifically.
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