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Allowability of Sec. 54 exemption if amount spent towards residential house after due date prescribed in Sec. 139(1)

September 16, 2020[2020] 119 taxmann.com 149 (Article)
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Section 54 of the Income-tax Act, 1961 (“Act”) provides for exemption of capital gains arising to a specified assessee from transfer of a long-term capital asset to the extent capital gains are invested in a residential house within a prescribed period. The said exemption is available if the residential house is purchased or constructed within the prescribed period of one year before or two years after (in case of purchase); or three years after (in case of construction) the date of transfer of
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