IGNOU BCOC 136 2025 - Provisions of the Income Tax Act regarding exemption of capital gains

Question

Provisions of the Income Tax Act regarding exemption of capital gains u/s54F

05 Oct 2025

Answer :

Word Count : 313

Section 54F of the Income Tax Act, 1961 provides exemption from capital gains tax arising from the transfer of a long-term capital asset other than a residential house, if the net sale consideration is invested in the purchase or construction of a residential house within the prescribed time limits. The exemption is available to an individual or Hindu Undivided Family (HUF) only. To avail the benefit, the assessee should not own more than one residential house property other than the new asset on the date of transfer of the original asset. The assessee must also not purchase any other residential house within one year before or two years after the date of transfer or construct another house within three

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