Hi,
I own three three residential flats. Out of which I want to sell one residential flat and buy a new residential flat out of Long Term Capital Gain amount. Can i claim exemption under Section 54 of IT Act for the above investment (Because Section 54 does not restrict owing multiple properties when selling one of the properties)?
Can anyone please clarify?
Regards
K M Ganes
Coimbatore
Thanks Mr. Ayush.
Thanks a lot Mr. Souray, for your clarification.
Thanks Mr.Mukerjee. Yes, I am aware of time norms within which to purchase / construct.
That sounds better.
Otherwise the very essence of Sec 54 goes for a toss
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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