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Relief under section 54 - capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2013 In respect of Sale of Residential House, exemption under section 54 is applicable when the sale proceed is invested in Residential House.
1. Please confirm whether it is restricted to only one residential house or more than one.
2. cases in favour of assessee (KC Kaushik 185 ITR 499 (Mum.)) and against assessee (D.Anand Basappa 91 ITD 53 (Ban.))
Kindly give your valuable opinion to advise the client.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
18 July 2013 if more then 1house are joint and not seperated then allowed.
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