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2010 (8) TMI 477 - AT - Income TaxExemption u/s 54 - LTCG - Two flats - The exemption will be available in respect of sale of any number of residential houses if there are corresponding investments in residential house and all other conditions are fulfilled - In case there are sales of more than one residential houses, in our view exemption has to be computed considering each set of sale of residential house and the corresponding investment in one residential house and the combination which is beneficial to the assessee has to be allowed - Since the investment is less than the capital gain difference of Rs.3,97,434/- will have to be taxed - In the result appeal of the assessee is partly allowed
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