If at the time of Transfer Assessee owns only one Residential House and purchased another house and claim section 54F deduction.
However after purchasing 2nd house if assesse purchases another 1 or 2 houses within 1 year then whether the deduction is to be reversed. and if yes then in which year ?
27 May 2014
Deduction need not be reversed. Instead, the capital gains originally exempted shall be offered as LTCG in the year in which another 1 or 2 house is purchased.
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