Dear friends one of my client sold two Residential houses (one was given on rent) in different dates in the fy 2015-16 and after selling he had no residential house and simultaneously he purchased two residential houses in the same fy 2015-16. And my query is all about can he claim exemption under sec 54 for both the houses in this fy itself. Because he had no residential house after selling as well as he purchased two residential houses with an intention to claim under sec. 54. What we shall do for this whether
1.we have to consider only one residential house. or
2. can we claim for both residential houses.
please do reply
CAclubindia
