Benefit of claim of Section 54 exemption in case of Sale of residential Property

This discussion explores the eligibility for claiming a Section 54 exemption on capital gains from the sale of a residential property. Specifically, it addresses whether joint owners who sold a Lucknow property and plan to purchase a new one in Pune can claim this tax benefit. The consensus confirms that the exemption is indeed claimable under Section 54, provided the new asset meets the specified criteria.