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Long term capital gain exemption for house property

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Vijay M Makwana

Vijay M Makwana (Querist)
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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 ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 March 2012 Yes. Please refer Mumbai Tribunal decision in Rejesh Keshav Pillai Vs. ITO (2011) 44 SOT 617.

anurag (Expert)
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01 March 2012 Yes, one can sell two properties and purchase one property to get exemption and vice verse..

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 March 2012 Vide the cited decision, assessee can even buy two house's.

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