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Exemption u/s 54 on Long Term Capital Gain

The assesses has purchased a building consisting of 5 Residential Flats and 4 Commercial shops, the agreement for which is entered just a month ago, but the building is under construction and the payments are made gradually as per agreement. Now he wants to sell his current residential flat which is owned by him individually for more than 3 years. Whether he can claim the benefit of exemption u/s 54 for the sale proceeds from such flat?

e.g. if the cost of entire building purchase is 5 crore (Say 2 crore residential and 3 crores against commercial), he has paid 3 crores already and the sale proceeds of the flat to be sold are say Rs.80 lakhs....

My question is whether the assessee can avail the benefit u/s 54, even if he is purchasing more than 2 house properties?

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