Sec 54 benefit for multiple houses sold

MUMBAI ITAT holds that, sec 54 benefit cannot be denied even if multiple houses are sold

In the AY 2011-12, the assessee sells three flats (situated in the same floor and later converted into a single house) and invests the amount in the Capital gains account scheme to claim exemption u/s 54. The ITAT allows the claim, upholding the CIT(A) verdict.

It also holds that, even if more than one house is sold also, the 54 benefit is available, stating that, there is nothing anywhere in sec 54, to restrict the exemption to the proceeds of only one house