Exemption under Section 54-capital gain

[VENKAT S]

If a person has multiple houses (eg: four) and sells one of them and reinvests in another house, can he claim relief under sec 54 of the Income tax Act?

Is there any condition that he should not hold more than one house (like in sec 54F)?

AI Summary

Can a Home Seller Claim Tax Exemption Under Section 54 When Reinvesting? Rules on Multiple House Purchases Explained. A person inquired whether they could claim a tax exemption under Section 54 of the Income Tax Act after selling one of multiple houses and reinvesting in another. The response clarified that the exemption is applicable when purchasing one residential house. If multiple houses are bought, the house with the highest price can be considered for the exemption. It was also noted that the conditions of Section 54F, which restrict ownership of multiple houses, do not apply to Section 54.