Section 54 Exemption Available for Every House Sold: Bengaluru ITAT

Advertisement Pavan Kumar Agarwal Vs DCIT (ITAT Bangalore) Bengaluru ITAT: Section 54 Exemption Available Separately for Each Residential House Sold In a significant ruling, the Bengaluru ITAT held that where an assessee sells multiple residential houses, the exemption under section 54 is available separately in respect of the capital gains arising from each residential house, subject to the condition that the number of new residential houses purchased or constructed does not exceed the number of residential houses transferred. In the present case, the assessee had sold 17 residential flats...