Capital gains exemption for residential house transfers allows full or proportionate exemption depending on consideration threshold and prior ownership. Statute exempts capital gains to an individual from transfer of a long-term residential house (income under Income from House Property): full exemption if consideration does not exceed a specified threshold; otherwise a proportionate exemption equal to the threshold-to-consideration ratio; exemption inapplicable if the assessee owns any other residential house on the transfer date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains exemption for residential house transfers allows full or proportionate exemption depending on consideration threshold and prior ownership.
Statute exempts capital gains to an individual from transfer of a long-term residential house (income under Income from House Property): full exemption if consideration does not exceed a specified threshold; otherwise a proportionate exemption equal to the threshold-to-consideration ratio; exemption inapplicable if the assessee owns any other residential house on the transfer date.
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