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Capital gains

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CA Final
1368 Points Joined March 2011
An individual sold a residential building within 1 year after acquiring it. He bought another residential property with 2 months from the date of sale. Is he eligible for any exemption under the Income Tax Act?
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On 20 January 2015 at 23:01 Report
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internal Auditor
497 Points Joined October 2012
Refer section 54 of IT act.
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On 20 January 2015 at 23:43
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CA Final
1368 Points Joined March 2011

Sec-54 provides exemption only on Long term Capital Asset. In the instant case the asset is short term.

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On 21 January 2015 at 14:28

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