Z sold his residential house and got Capital Gains of ₹ 2,80,00,000. He invested in two residential houses in India to avail exemption u/s 54. House I was purchased for ₹ 1,80,00,000 and House II was constructed within the period for ₹ 80,00,000. The exemption available u/s 54 will be:
A. ₹ 2,80,00,000
B. ₹ 2,60,00,000
C. ₹ 1,80,00,000
D. ₹ 80,00,000
Answer:C
Z sold his residential house and got Capital Gains of ₹ 2,80,00,000. He invested in two residential houses in India to avail exemption u/s 54. House I was purchased for ₹ 1,80,00,000 and House II was constructed within the period for ₹ 80,00,000. The exemption available u/s 54 will be:
A. ₹ 2,80,00,000 B. ₹ 2,60,00,000 C. ₹ 1,80,00,000 D. ₹ 80,00,000