Exemption u/s. 54 is available even in respect of two house property / flats

Mr. George Britto Jesudas Vs. ITO (ITAT Mumbai) The issue under consideration is squarely covered by the decision of Karnataka High Court in the case of CIT vs. Late Khoobchand M. Makhija order dated 18/12/2013 wherein Hon’ble Court held as under:- 16. In the instant case, one residential house is sold. Out of the sale consideration, it was open to the assessee to purchase a big residential house so as to accommodate both his sons, in which event in terms of Section 54 (1), he would have been entitled to the benefit of the said Section. However, instead of purchasing one big house, having r...