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Central Government Act
Section 54 in The Income- Tax Act, 1995
54. Profit on sale of property used for residence 1 1 (1)] 3 4 Subject to the provisions of sub- section (2), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of a long- term capital asset 5 ], being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head" Income from house property" (hereafter in this section referred to as the original asset), and the assessee has within a period of 6 one year before or two years after the date on which the transfer took place purchased], or has within a period of three years after that date constructed, a residential house, then], instead of the capital gain being charged to income- tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,-
999999. -- hundred thousand rupees the whole of the capital gain shall not be charged under section 45; (b) in a case where the full value of such consideration exceeds two hundred thousand rupees, so much of the capital gain as bears to the whole of the capital gain the same proportion as the amount of two hundred thousand rupees bears to such consideration shall not be charged under section 45: Provided that nothing contained in this section shall apply to a case where the assessee owns on the date of such transfer any other residential house. [ Explanation.- In this section and in sections 54, 54B, 54D, 54E, 54F and 54G, references to capital gain shall be construed as references to the amount of capital gain as computed under clause (a) of sub- section (1) of section 48.]" Inserted by the Finance Act, 1987, w. e. f. 1- 4- 1988.