SVSHAH (CA Final) (122 Points)
26 January 2012Can Assessee claim exemption u/s 54 by purchasing TWO Residential House property from the Long Term capital Gain derived from sale of one house property held?
or
Investment of only ONE House property is allowed to be claimed under sec.54 of IT act and ignoring the SECOND House Property purchased in above case.
Z
( )
(2960 Points)
Replied 26 January 2012
It depends on the facts of the case
If all those residential units can be modified to unite and make it a single residential house property then assesse can claim ecemption having regards to decision made in (CIT v D. Ananda Basappa ( 2009 ) 20 DTR 266 (Kar)).
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