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Capital gains exemption u/s 54 of i.t.act,51

(Querist) 14 April 2012 This query is : Resolved 
My client sold a residential house property and invested the proceeds in purchasing two flats within the time allowed u/s 54 of ITAct. The language of sec. 54 says NEW ASSET. Can the two flats be considered as NEW ASSET or the deduction will be restricted to only one flat because asset is a singular noun? Any court decisions in this regard may kindly be cited.
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Vineet (Expert) 18 April 2012
K G Rukmini Amma 196 Taxman 87 (Karnataka)
P.Parthasarathi (Querist) 18 April 2012
Thank you so much Mr. Vineet! It is very kind of you.

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