If I own a Property "A" (Residential) and Property "B" (let out) and I decide to sell Property B (after 3 years-long term) and then re-invest the entire proceeds (including capital gains) is another Property "C", will the Capital Gains be exempt u/s 54?
(Or is it that, since I already own another Residential Property "A", the exemption will not be available? )
Yes you can avail exemption under section 54 whether you own one or more house property.
Section 54 says you can avail exemption if the amount is invested in 1 residential house in India. So there is no provision u/s 54 that you cannot own more than one house property.
Yes that restriction is under section 54F and not under section 54.
CAclubindia
