Section 54 And 54F Residential House Controversy Analysis
Section 54 and 54F ‘Residential House’ Controversy Provisions of section 54 and section 54F of the Income Tax Act, 1961 Section 54 of the Income Tax Act, 1961 provides for exemption of capital gain arising from the transfer of a residential house being long term capital asset (i.e. held for greater than 3 years) if investment is made in one residential house in India. Similarly Section 54F of the Income Tax Act, 1961 provides for exemption of capital gain arising from the transfer of a long term capital asset, other than residential house property, if investment is made in one residential house in India....