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GAPITAL GAIN

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(Querist)
05 May 2011 IF AEESEESS SOLD 1 FLAT AND INCURED CAPITAL GAIN, NOW HE WANT TO INVEST SALES CONSIDERATION IN 3 DIFFERENT FLATS. WILL 3 FLATS ARE ELIGIBLE FOE EXEPMTION FOR CAPITAL GAIN EXEMPTION PURPOSE.
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CA SAURABH GARG

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CA SAURABH GARG (Expert)
05 May 2011 As per Section - 54


If Assessee- Individual & HUF
-Property- Residential House, long term capital assets
-income of which is chargeable under the head Income from house property
-Exemption for A residential house
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 May 2011 Exemption for only one flat can be claimed under section 54 as per the decision of Bombay high court decision in the case of K.C.Kaushik Vs. ITO (1990) 84 CTR 62.
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