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Exemption u/s 54, Income Tax

Issue Id: - 117394
Dated: 2-8-2021
By:- Ethirajan Parthasarathy
Exemption u/s 54

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‘A’ sells a land for ₹ 1,00,00,000/- during assessment year 20-21 and buyers a residential property immediately for RS 2,00,00,000/- claims exemptions U/S 54F. During assessment year 2021 -2022 he sells a residential property resulting in capital gain of ₹ 80,00,000/-. Can he claim exemption again for the same property purchased in assessment year 20-21 because it is within one year from date of sale of Second Property.

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