Section 54: Exemption on Long-Term Capital Gains from Sale of Residential Property
The Income Tax Act offers some tax relief for individuals selling a house property. Under Section 54 of the Income Tax Act, you can get tax exemption on long-term capital gain (LTCG) arising from selling a residential house, if you reinvest the capital gains in purchasing or constructing another residential house within the specified time period. Let us understand more about Section 54 of the Income Tax Act.