sec 54 of incoem tax act
This query is : Resolved
24 November 2008
gain on sale of residential flat .Tell me whther i can invest it in one house or two house .
Ajith Kumar
(Expert)
24 November 2008
one house,as section 54 uses the word "a residential House "
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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