Claiming of exemption under section 54

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 

Replies (3)

With effect from assessment year 2015-16 exemption can be claimed only in respect of one residential house property purchased/constructed in India. If more than one house is purchased or constructed, then exemption under section 54 will be available in respect of one house only.

Dear Friend,

You can claim exemption for only 1 house.So claim the benefit for the house which is costlier.

Thank you for your valuable suggestions

 

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