Exemption under section 54

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Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2014 sir,
i have purchased 3 houses after ascertaining long term capital gain in the previous year.can i claim exemption of all the properties at once ??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 February 2014 there have been cases where multiples houses bought within same building/housing society compound has been allowed for exemption under Section 54. However, it is possible that such allowance may not be made where houses are far off from each other.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2014 so is there any distance criteria for claiming such exemption

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2014 sir, plz reply at the earliest

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 February 2014 there is no absolute parameter set on this. however, where investments made in different part of a city or town, exemption has been allowed only against one house.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 February 2014 if they are situated in 3 different places and not connected with each other then exemption is allowed only for 1 house.

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