Clarification on section 54 of income tax act

hello

my father had 2 residential property in his name. he received them in inheritance from my grandfather. we sold 1 of the residential property in august 2013 and invested the full gain in a new residential property thus availing the benefit of section 54. now we want to sell the 2nd residential property and invest the gains from such property in a new residential property. can we do so? according to my understanding of section 54, a person cannot avail the benefit of section 54 on 2 residential properties. also further my father also owns a commercial property, from where he used to do his business. we also want to sell that commercial property and invest the gains in a new commercial property. can we do the above 2 transactions within section 54 and 54f of income tax act and if not, then what are the ways to save tax other than investing in bonds.

Replies (4)
exemption of sec. 54 can be claimed for any no. of properties but for sec. 54f you cant own more than one house property other than the new property to be bought... you have no option other than to buy bonds.

Yes, you may avail exemption from LTCG u/s 54 for residential property.

Yes above said repllies r correct

thank you very much

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