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

AI Summary

Section 54 Exemption: Cannot Claim for Multiple House Properties, Confirms Rulings in Pillai and Jhaveri Cases A query was raised regarding whether the exemption under Section 54 of the Income Tax Act can be claimed for acquiring more than one house property. The response indicated that it is not possible to claim such an exemption for multiple properties. The reply referenced two cases: one involving Rajesh Keshav Pillai and another involving Ms. Sushila M. Jhaveri, both adjudicated by the Income Tax Appellate Tribunal in Mumbai, which support this interpretation.