I have a query with regards to the below case. The facts of the case are: 1. The Assessee, being individual is the owner of 2 residential properties located at the same area the market value of which is Rs. 45 lacs each. 2. He intends to buy a single residential property of Rs. 1.10 crore by investing the entire proceeds received by selling the above mentioned two properties (i.e 45lacs*2= 90 lacs). 3. Can he/she invest the entire proceeds received from sale of both properties in one single property and claim exemption as provided u/s 54 4. Will capital gain be computed on both the properties individually?
11 January 2021
Yes, he can invest the entire proceeds received from sale of both properties in one single property and claim exemption as provided u/s 54.
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