Capital gains



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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internal Auditor

Refer section 54 of IT act.
 
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Sec-54 provides exemption only on Long term Capital Asset. In the instant case the asset is short term.

 
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