Capital Gains exemption 54 Section

Section 54 of the Income Tax Act allows for Capital Gains tax exemption when selling flats in an urban area. You can claim this by investing in land or a building within two years, or constructing a building within three years of the sale date. Crucially, owning other urban properties does not prevent you from claiming this exemption, though simply purchasing land is insufficient unless a residential property is constructed on it within the specified timeframe.