Ltcg on jointly held property sale

As per Special bench of Income Tax Appellate Tribunal vide a significant ruling AIT-2007-205-ITAT  exemption under sections 54 and 54F of the Act would be allowable in respect of one residential house only. 

If the assessee has purchased more than one residential house, then the choice would be with assessee to avail the exemption in respect of either of the houses provided the other conditions are fulfilled.  However, where more than one unit are purchased which are adjacent to each other and are converted into one house for the purpose of residence by having common passage, common kitchen, etc., then, it would be a case of investment in one residential house and consequently, the assessee would be entitled to exemption.

Please see link:

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