CAPITAL GAIN - I HAVE SOLD MY 2 houses and LTCG ( Long term Capital Gain) out of both is Rs 5 Lakh and Rs 6 Lakh .............now i have purchased 1 HOUSE for Rs 12 Lakh so would i get full exemtion ...as i have sold 2 and purchased only 1 house
CAPITAL GAIN - I HAVE SOLD MY 2 houses and LTCG ( Long term Capital Gain) out of both is Rs 5 Lakh and Rs 6 Lakh .............now i have purchased 1 HOUSE for Rs 12 Lakh so would i get full exemtion ...as i have sold 2 and purchased only 1 house
Yes, you can claim the exemption u/s. 54 for both the LTCGs.
There is no restriction placed in section 54 which restricts exemption only in respect of sale of one residential house. Even if assessee sells more than one house in the same year and the capital gains is invested in a new residential house, the claim of exemption cannot be denied if other conditions are fulfilled. [DCIT v. Ranjit Vithaldas [2012] 23 tax mann. com 226 (ITAT-Mum)]
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