Capital Gain Exemption Under Section 54 of Income Tax Act, 1961
The Income Tax Act- section 54 endows exemption for ‘Long Term Capital Gain’ arising on sale of residential property. Let’s understand the basis of ‘Capital Assets’ & ‘Capital Gain’ The term ‘capital asset’ is defined under the Income Tax Act, 1961- section 2 (14) which includes any kind of property (movable or immovable property, tangible or intangible property etc.) held by an assessee. These kind of properties may be connected… Read More »Capital Gain Exemption Under Section 54 of Income Tax Act, 1961