Capital Gains from Sale of Multiple Residential Houses Eligible for Section 54 Exemption If Invested in One Residential House

Advertisement Humayun S.Rangila Vs ITO (ITAT Mumbai) The assessee appealed against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2006-07, challenging the disallowance of exemption claimed under Section 54 of the Income-tax Act, 1961. The dispute concerned whether exemption under Section 54 could be claimed where capital gains arose from the sale of more than one residential house and were invested in residential flats acquired by the assessee. During the relevant year, the assessee sold three residential flats situated at Oshiwara and Bandra, Mumbai. The long-ter...