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Deduction u/s. 54 on Long Term Capital Gain

This query is : Resolved 
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(Querist)
08 September 2021 My Friend sold one flat on 11/12/2020 for Rs. 8 lacs. It was purchased 5 years back for Rs. 4 lacs.
He purchased another flat on 24/12/2020 for Rs. 28 lacs. He took some home loan to buy this flat. He sold another flat on 28/05/2021 for Rs. 13 lacs. It was purchased 5 years back for Rs. 9 lacs.
My query is that whether he can claim deduction u/s. 54 in both financial years .i.e. FY 2020-21 as well as FY 2021-22.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 September 2021 Yes, he is eligible as the time period is within the limit specified u/s. 54 of IT act.
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Alex Fernandes

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Alex Fernandes (Querist)
10 September 2021 Thanks for your clarification.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
22 September 2021 Most Welcome ..


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