Capital gains exemption u/s 54 of i.t.act,51

P.Parthasarathi (Querist) 14 April 2012 This query is : Resolved
My client sold a residential house property and invested the proceeds in purchasing two flats within the time allowed u/s 54 of ITAct. The language of sec. 54 says NEW ASSET. Can the two flats be considered as NEW ASSET or the deduction will be restricted to only one flat because asset is a singular noun? Any court decisions in this regard may kindly be cited.

Follow Query

Report Abuse