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Captial Gains

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(Querist)
16 July 2009 Hi,

Please help me out on this issue which is very urgent.

An assessee has sold his 2 residentail house properties one in mumbai and the other in bangalore and purchased a new house in bangalore. My question is that can he get capital gains exemption u/s 54 of the act or any or exemption which makes capital gains exempt
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
16 July 2009 He can get the excemption U/s 54 to the extent of investment in the new house of banglore.
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taxindiaconnect

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taxindiaconnect (Expert)
16 July 2009 In this case the hopefully the exemption should be allowed, however the language of the section 54 says that the exemption will be given to a person who owns a residential house. The word a residential house is sometimes is read "One Residential House", in this case the assessing officer may litigate on this point..
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