22 February 2010
Exemption of u/s 54 is available if:
1) Sold asset is Residential House Property 2) Should be held more than 3 years. 3) New puchased property is also Residential House Property(RHP). 4) New RHP should be purchased within 1 year before or withing 2 year after OR construct within 3 years after, from the date of purchase. 5) Capital Gains Accounts Scheme available for this. 6) New RHP should not be sold within 3 years from the date of construction/purchase, if sold then earlier claim exemption will be taxabla as STCG. 7) Emempt amount will be Capital Gain or Amount invested in new RHP.
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