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Exemption of capital gain arising on sale of property used for residence
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....f a long-term capital asset, being a residential house, the income of which is chargeable under the head "Income from house property", if the conditions laid down in the said provision are fulfilled. 2. Under section 23(2) of the Income-tax Act, as amended by the Finance Act, 1986, the annual value of one house in the occupation of the owner for purposes of his own residence is taken as nil. A ....