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LONG TERM CAPITAL GAIN ON RESIDENTIAL HOUSE

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(Querist)
31 December 2010 Out of the long term capital gain from a sale of residential house ,can I buy two property situated at different locations in specified time.
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sanjay

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sanjay (Expert)
31 December 2010 yOU CAN BUY ANY NO. OF PROPERTIES BUT YOU WILL GET EXEMPTION U/S 54 AGAINST PURCHASE OF 1 REIDENTIAL HOUSE ONLY
1 YEAR BEFORE OR PURCHASED UPTO 2 YEARS AFTER OR CONSTRUCTED UPTO 3 YEARS AFTER THE TRANSFER OF SOLD OUT RESI HOUSE.
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CA ASHISH GUPTA

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CA ASHISH GUPTA (Expert)
01 January 2011 You can purchase two properties and can claim exeption for both.
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