Capital gains

Such a person should not have another residential property

and he can invest only in one property.

It depends on the facts of the case

If all those residential units can be modified to unite and make it a single residential house property then assesse can claim ecemption having regards to decision made in (CIT v D. Ananda Basappa ( 2009 ) 20 DTR 266 (Kar)).

Kirti ji,

 Sec. 54 states- the assessee should purchase “a house property” within prescribed time.

The article “a” is not necessarily a singular term. It is often used in the sense of any, and when so used it may be applied to more than one individual object.- National Union Bank Vs. Copeland 4N.E. 794

The expression “a residential house” has been defined in the sec. itself as buildings or lands appurtenant thereto. The use of plurality in the meaning of the expression further supports the view expressed above.

Please refer to the link  /forum/exemption-u-s-54-180725.asp. Same discussion is going on.

AGREE WITH MR PRAVIN

According to me,

IF an Assessee sells A residential Flat GLTCG can be exempt u/s 54 by 

1)buying residential house within a year before the date of transfer of old house or in two years after the transfer

2)Construct a new house within 3 years after the transfer of old house

BUT

if this house is sold within 3 yrs of Purchase then in Simple lang the amount exepted earlier will be taxable in the year of sale of such Residential prop

Regards

Mayur

He can be allowed only one house property for exemption..

Agreed with Mr.Z