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sec 54 of incoem tax act

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(Querist)
24 November 2008 gain on sale of residential flat .Tell me whther i can invest it in one house or two house .
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Ajith Kumar

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Ajith Kumar (Expert)
24 November 2008 one house,as section 54 uses the word "a residential House "
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 November 2008 Continuing Ajithkumar, Bombay high court said only one house. Pl refer K.C.Kaushik Vs. P.B.Rane,ITO (1990) 84 CTR (bom)62. But certain other decisions are available permitting reinvestment in more than one house/flat.
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