TaxTMI 
TaxTMI 
Are there any Case Laws on the Subjects?
Are we eligible for deduction of costs of two properties from Long Term Capital Gains. u/s 54 of the Income Tax Act 1961?
Residential Long term capital gains used in purchasing two residential flats in different locations during Financial year 2012/13
21 Oct 2015 
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Capital gains exemption for residential house limited to acquisition of a single house; factual characterisation may affect entitlement.
Entitlement to exemption for long term capital gains reinvested in residential property depends on statutory scope and factual characterisation: the statute now limits exemption to acquisition of a single residential house in India, whereas earlier wording referred to a residential house, but case law has on occasions treated multiple jointly held acquisitions as a single asset, making detailed factual analysis determinative. (AI Summary)
Entitlement to exemption for long term capital gains reinvested in residential property depends on statutory scope and factual characterisation: the statute now limits exemption to acquisition of a single residential house in India, whereas earlier wording referred to a residential house, but case law has on occasions treated multiple jointly held acquisitions as a single asset, making detailed factual analysis determinative. (AI Summary)