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Exemption u/s 54

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(Querist)
29 December 2012 Hello Sir, Client of our firm has puchased two houses so my qus. is that is exemption u/s 54 is allowed for purchase of more than one house as language of this section state that purchase of "a residential house" Thanx in advance
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CA Manish

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CA Manish (Expert)
29 December 2012 Please follow the below link for the ans:-

https://www.caclubindia.com/experts/exemption-for-two-houses-u-s-54-299915.asp
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Astaf Mansuri

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Astaf Mansuri (Expert)
29 December 2012 yes Tripti, Exemption is not limited to acquisition of one house. For instance a tax payer may purchase of two houses, or he can purchase a house and construct first floor of the house so purchased or a person can construct two or more houses etc. Similarly a tax payer may sell two houses and may purchase one house for the purpose of availing exemption u/s 54.
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TRIPATI

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TRIPATI (Querist)
29 December 2012 Thanks Astaf .........Good Explanation...........
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