Long term capital gain exemption for house property
This query is : Resolved
Vijay M Makwana
(Querist)
01 March 2012
Please guide me about long term capital gain exemption for housing property ? If a person owns more than 1 residential property can he claim exemption for both the properties ?
01 March 2012
Yes. Please refer Mumbai Tribunal decision in Rejesh Keshav Pillai Vs. ITO (2011) 44 SOT 617.
01 March 2012
Yes, one can sell two properties and purchase one property to get exemption and vice verse..
01 March 2012
Vide the cited decision, assessee can even buy two house's.
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