Provide capital gain exemption

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ankita (Querist)
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12 January 2013 he capital gains arising on sale of residential house property of rs 1679392/-has been invested in purchasing two house in the following manner:
1.flat 797292/-
2.house 882100/-
with in the time limit prescribed U/S 54 for claiming exemption

is there any case law that investment made in two house properties is able for taking benefit U/S 54 of capital gain?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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12 January 2013 The case law you may refer -

CIT v D. Ananda Basappa (2009) 309 ITR 329 (Karn)

ankita

ankita (Querist)
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12 January 2013 In the judgment of Karnataka High Court in CIT v. D. Ananda Basappa, exemption against purchase of two flats was allowed having regard to the finding that both the flats could be treated to be one house as both had been combined to make one residential unit. The said judgment, thus, proceeds on a different factual situation

In our case assessee purchase two flat and both are situated at different place?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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12 January 2013 Yes, claim against a single unit of house is possible. It is difficult in your case due to different locations of the House and the Flat as referred by you.

ankita

ankita (Querist)
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13 January 2013 ok thank you sir

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