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Capital gains section 54

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(Querist)
21 August 2014 An assesee succesfully claimed long term capital gains tax exemption in asst year 2007-08 under section 54.He sold ancestrol house property and purchased a residential property.
Now in asst year 2014-15 he sold another ancestrol property which is liable for LTCG
Can he claim exemption again by purchasing another residencial property under section 54.
Thanks
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 August 2014 yes very much. you are eligible to claim 54 exemption.
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