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Capital gains

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(Querist)
12 April 2012 If a assessee sells residential flat in delhi and makes a long term capital gain and invest the capital gain in purchase of a property jointly with his/her daughter, whether the capital gain exemption is available or not, if availabe kindly give me the section and rule.
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
12 April 2012 Yes, Exemption is available if such property is residential property and is purhcased within time limits specified in Sec 54 of Income tax act.
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