Capital gains

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DIVYA (Querist)
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11 January 2021 Hi All,

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?

Please assist.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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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