Exemption u/s.54

TAX PAYER MAY PURCHASE 2 HOUSES, OR HE CAN PURCHASE A HOUSE AND CONSTRUCT FIRST FLOOR OF THE HOUSE SO PURCHASED OR A PERSON CAN CONSTRUCT TWO OR MORE HOUSES,ETC. SIMILARLY,A TAXPAYER MAY SELL TWO HOUSE PROPERTIES AND HE MAY PURCHASE ONE HOUSE PROPERTY FOR THE PURPOSE OF AVAILING THE EXEMPTION.

If the Assessee is not owning any Residential Property he can avail Exemption U/s. 54 by Investing the Capital Gain Portion in a New Residential Unit.

If the Assessee is Owning a Residential Peoperty, he can avail Exemption U/s.54 by investing the Entire Sale Proceeds in a New Residetial Unit .

If the Assessee Owns more than one (As Stated in Your Query) Exemption U/s.54 is not available to him