09 September 2013
Exemption is available under section 54F,
The assessee is an individual or a Hindu Undivided Family (HUF). The asset transferred is any long-term capital asset but other than a residential house.
However, The assessee should not own on the date of transfer of the original asset more than one residential house (other than the new house). He should also not purchase within a period of two years after such date or construct within a period of three years after such date any residential house whose income is taxable under the head “ Income from House property”(other than the new house).
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