Capital gains on sale of 1 property where I have more than 2 properties

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  1. Nevil

    Nevil New Member

    I own more than 3 flats
    one is self owned and the others are on rent.
    I wish to know:
    Whether I will be exempt from capital gains if I sell my self owned flat and buy a new one.
     
  2. Sumit Agarwal

    Sumit Agarwal Active Member

    You can get exemption u/s 54 only.
     
    Nevil likes this.
  3. Parul_Gupta

    Parul_Gupta Active Member

    Yes, if you reinvest the capital gains arising on the sale of flat in another residential flat - you can claim capital gains exemption.
     
    Nevil likes this.
  4. Nevil

    Nevil New Member

    Thanks
     
  5. K.V. DURGA PRASAD

    K.V. DURGA PRASAD New Member

    It is not clear whether the remaining two flats are also owned by you and the same were let out. If you are the owner of these two flats also, then you will not be entitled to any capital gains exemption.
     
  6. Sumit Agarwal

    Sumit Agarwal Active Member

    @KV Durga prasad sec 54 does not require any limit of flat owned at the time of claiming exemption so it would be allowed.
     
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