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Long term capital gain

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(Querist)
20 October 2012 my Clint sold one two properties and wish to purchase 2 residential properties. my query is is he eligible to claim L.T.C.G exemption on both residential properties. Clint did not have any residential property in his name.Section 54F of i.t.act says property.

thanks in advance
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Soumitra Basu

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Soumitra Basu (Expert)
21 October 2012 NO. HE CAN CLAIM BENEFIT UNDER SECTION 54F ON A SINGLE PROPERTY. HOWEVER, HE MAY CLAIM BENEFIT FOR BOTH PROPERTY PROVIDED BOTH ARE WITHIN SINGLE BUILDING AND REQUIRE FOR HIS FAMILY.
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