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capital gains sec 54

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(Querist)
20 April 2009 Can the proceeds from sale of house property be invested in two different house properties to claim exemption under sec 54?
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
20 April 2009 Section 54 of the Act provides that in case of capital gain arising from the transfer of a long-term capital asset being a residential house would not be chargeable to tax in case the assessee acquires a residential house within a period of one year before or two years after the date on which the sale took place.

The above section, though, provides for the acquisition for a residential house, the Income-tax Appellate Tribunal in a number of cases has held that this is no bar on acquiring more than one residential house out of the proceeds of one residential house. The following decisions of the Tribunal may be referred to in this regard:

n D. Anand Basappu v. ITO [2004] 91 ITD 53 (Bang.)
n ITO v. P.C. Ramakrishna [2007]108ITD 251(Chennai)
n Prem Prakash Bhutani v. CIT [2007] 110 TTJ (Delhi) 440
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Deepak Goel

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Deepak Goel (Expert)
21 April 2009 Yes, you can avail exemption u/s 54 after investing in two or more house property.
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