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of <h1>Exemption Under Section 54: Capital Gains on Long-Term Residential Property Transfers</h1> The exemption under section 54 is applicable when capital gains arise from the transfer of a long-term capital asset, specifically a residential house property or land appurtenant to it. The income from such property must be taxable under the category 'Income from house property.' A long-term capital asset refers to immovable property, such as land or buildings, held for over 24 months before the transfer date.
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