Section 54 - Exemption

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Ruchit (Querist)
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02 January 2010 Respected Sir,

Can an Assessee claim exemption u/s. 54 by selling one long term House Property and purchasing 2 House Property at different places?

Can he claim the exemption for both the House or any one of them?

If possible plz. give the reference of the case laws?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 January 2010 In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other conditions mentioned in the section are satisfied.

K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62

Ruchit

Ruchit (Querist)
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02 January 2010 Can Exemption for both Houses be claim against sale of One House?

In this case 2 Houses Purchase are at different places.

Bimal Thacker

Bimal Thacker (Expert)
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02 January 2010 Yes, you can claim exemption for both house. Section 54 used the word "a house property" and not "one house property". Here "A" is synonymous with "any".However there is various debate is going one. If you want to be on safe side you claim for only one house. However you calim for two house it is also acceptable at higher level.

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