Ltcg on house property

CA Mayur R M (Chartered Accountant) (60 Points)

17 February 2012  

Hey friends... I have a doubt........A person has sold a house property and earned a LTCG. Now Section 54 and sub-sections say that we need to invest in another house property to claim exemptions. So, the question is that whether a person can invest in two house properties at the same time and claim exemption u/s 54. For Eg:- If I earned Rs. 50 Lakhs LTCG and the sale consideration was Rs. 70 Lakhs, then can I invest in two house properties to the tune of the Rs. 35 lakhs each and claim the exemption of Rs.. 50 Lakhs from LTCG?????