Dear all
is there a limit on the ownership of number of houses a person owns while claiming LTCG exemption under section 54?
i.e. if I own two houses currently and sell 1 to buy another one within 1 year? Will the long term capital gains tax exemption be available to me despite already owning another house or you have to only own one house at a time to avail exemption?
If only 1 house is allowed, then can i sell one house but purchase a new house in my wife's name only and still avail the exemption?
What if i sell two houses and buy 1? Trust capital gains on both sold houses will be exempted or is it only 1 sale vs 1 purchase?
