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Excerpt: Section 54 provides exemption if you sale a residential house and buy a residential house. Section 54F provides exemption if one sales capital asset other than residential house and buy residential house. Interesting question has been asked by Kennedy of Chennai on claim of exemption from capital gains on sale of land , building and house. Here is his question Mr.X sells 1) Land and building and 2) 2 flats and 3) 2 plots of land. He is also buying a new residential house the cost of which exceeds the sale proceeds of all the three put together. Can his capital gain be exempted. All…
