Long term Capital Gains Exemption U/s 54

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Aravind (Querist)
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24 December 2019 My client has got two residential houses. He sold one of the recently in Dec 2019 and LTCG is araised of the sale. Can he get exemption U/s 54 if he re invests the same as he wants to buy a new residential House?
I feel Since he is holding two Residential houses, he cannot take Exemption. Does new finance bill amendment helps here? (One can invest in two residential houses if LTCG is below 2 Crs and once in life time)
Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2019 Yes he is eligible for exemption under section 54. Only problem is he can't buy 2 houses out of sale of one house when value exceed 2 crore.

Aravind

Aravind (Querist)
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26 December 2019 Thank u sir for answer

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