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of <h1>Get Tax Exemption on Capital Gains: Invest in Residential Property Under Section 54F, Follow Time and Ownership Rules.</h1> Section 54F of the Income Tax Act provides an exemption on capital gains from the sale of a long-term capital asset if the proceeds are invested in a residential house in India. The investment must be made within one year before or two years after the asset transfer, or construction must be completed within three years. The exemption is proportionate to the amount invested. If the new asset is sold within three years, the exemption is revoked. The deduction is not available if the taxpayer owns more than one residential house at the time of the original asset transfer or if the cost of the new asset exceeds ten crore rupees.
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