Primer: All you wanted to know about tax breaks for selling multiple houses

Recently the ITAT held that a taxpayer now can avail tax benefits of long-term capital gains that arise on sale of more than one property are invested / will be invested in one residential house

Buying and selling properties is part and parcel of any taxpayers life. It is not uncommon to purchase or sell houses either for monetary gains or to move into a bigger space.

Section 54 of the Income Tax Act has been the bone of contention for a long time now. The section provides relief to the seller of residential property from capital gains tax only if the proceeds from such a sale is utilised to acquire another residential property. 

However, there are several instances where tax benefit claims made by taxpayers have been declined because the sale proceeds of more than one