Exemption u/s 54 of Income tax tax

[Anup Kumar Grover]

Can benefit of exemption on capital gain be taken for acquisition of more than one house property

[Rama Krishana]

The answer is no. You may refer to Rajesh Keshav Pillai Versus Income-tax Officer, Ward 19(3)(2), Mumbai [2010 -TMI - 203869 - ITAT, MUMBAI]

And

Income-tax Officer, Ward 19(3)-4, Mumbai. Versus Ms. Sushila M. Jhaveri. [2007 -TMI - 59614 - ITAT BOMBAY-I]

AI Summary

Exemption under section 54: not available when capital gains fund acquisition of more than one residential property. Whether exemption under section 54 applies when capital gains are used to acquire more than one residential property; the response is negative, citing tribunal precedents that treat the section's reinvestment requirement as applying to a single qualifying residential property and disallow exemption where gains are applied to acquire multiple houses.