Capital gain

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HELLO SIR/MADAM IN SECTION 54 THAT THERE IS A PROVISION THAT ASSESSEE HAVE TO PURCHASE NEW HOUSE WITHIN 2 YEAR FROM THE DATE OF TRANSFER AND CONSTRUCT NEW HOUSE WITHIN 3 YEARS FROM THE DATE OF TRANSFER...... SO I WANT TO ASK YOU THAT ASSESSEE WILL HAVE TO PURCHASE NEW HOUSE FROM HIS OWN NAME OR HE CAN PURCHASE HOUSE FROM ANOTHER FAMILY MEMBER NAME TO AVAIL SECTION 54 EXEMPTION
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the person who is selling the house 

since he is going to pay tax on sale of house

The assesse who shall be selling the house property shall have to purchase a new house property in his own name.

YOU MEAN IF ASSESSE PURCHASE NEW HOUSE PROPERTY FROM ANOTHER FAMILY MEMBER NAME THEN HE CAN NOT AVAIL THE EXEMPTION ON SECTION 54.

No, he cannot avail the exemption then.

 

THANK YOU

 


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