Long term Capital Gains Exemption U/s 54
This query is : Resolved
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.
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
(Expert)
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.
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