29 February 2012
Hello, as per sec.54 where in the case of an assessee being an individual or HUF, the capital gain .e, the income of which is chargeable under the head "Income from house property" will be exempted provided the assessee has purchased or constructed within a said period a Residential house So as per this provision New asset should be Residential Property and not commercial. And if you give House on rent to an Employee, it is a Residential Property. THEREFORE YOU CAN GET THE BENEFIT OF EXEMPTION U/S 54.
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