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urgent...sec.54 exemption query.....

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(Querist)
21 January 2010 mr. x has 2 house property
1)property book value 103000/-
2)property book value 1000000/-
he uses both the properties for his self residence , now he wants to sale the 1st property for 300000/-and out of that he wants to buy a new property for 1200000/-, is he eligible for exemption under sec. 54 although mr. x already has 2 house property?
please reply me it is very urgent....?
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
21 January 2010 Yes, There is no bar u/s 54 for holding 2 properties. However the new property must be purchased in specified time and should not be sold before 3 years.
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