exemption

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vivek kumar (Querist)
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23 December 2010 if i sale 2 residential house and invest long term capital gain of that assets into a new residential house.
Am I eligible for exemptiom U/S 54 for both the houses

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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23 December 2010 Yes, i dont find any problem in this.. But let for othr replies as well...

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CA. R. B. SAH

CA. R. B. SAH (Expert)
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24 December 2010 yes, exemption allowed.

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CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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24 December 2010 See the contents of the sectin
"where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head "Income from house property........"

So they used the word lands and buildings... so mostly you will get exemtion for both the houses

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vivek kumar

vivek kumar (Querist)
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24 December 2010 Would you please suggest me any Case Law in relation to above case...

In sac 54 It is also written .... buildings or land appurtenant thereto, and being A residential house....
here it is written a residential house

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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24 December 2010 sorry but i dont have any case law on the same but you can ask B chakrapani worrier he might guide yu on this better... give my reference

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