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Capital gains

This query is : Resolved 
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(Querist)
02 May 2014 an assessee lives and owns a house property in City A. He also owns one more flat in City A whcih is given on rent.

he also holds a flat in City B which was also given on rental basis.The same is sold by him in this financial year and intends to buy two more flats in city B

is capital gain applicable to him or can he claim exemption under 54?
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Vishnu Saboo

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Vishnu Saboo (Expert)
23 July 2014 if he investing again in purchasing flat, capital gain wont applied.
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