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Capital gains

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(Querist)
10 September 2011 Can an assessee claim exemption U/s 54 if he sells two residential units(independent residential units) and purchases/constructs one house property
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CA Punit

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CA Punit (Expert)
10 September 2011 YES.. CAN CLAIM
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venugopal

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venugopal (Querist)
15 September 2011 Thanks punit, do we have any refernce case laws on this issue if so pls share the same
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venugopal

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venugopal (Querist)
10 October 2011 Do we have any reference case laws on the issue.
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venugopal

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venugopal (Querist)
15 December 2011 Mumbai Division Bench decision
In Rajesh Keshav Pillai V/s ITO(2011)141 TTJ(Mum)183, the Mumbai 'D' Bench has taken the view that there is no restrictions in section 54 that exemption is available only in respect of sale of one residential house and that exemption under section 54 is available in respect of sale of any number of residential houses provided that there are corresponding investments in as many number of residential houses and all other conditions are fulfilled.
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