TaxTMI 
TaxTMI 
Profit on sale of property used for residence.
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....f which is chargeable under the head "Income from house property" (original asset); and (b) has within one year before or two years after the date of such transfer purchased, or has within three years after that date constructed, one residential house in India (new asset), then, instead of the capital gain being charged to income-tax as income of the tax year in which the transfer took place, i....
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....of a new asset before filing the return of income under section 263, then- (a) the unutilised amount shall be deposited in a specified bank or institution and utilised as per the scheme notified by the Central Government; (b) such deposit shall be made not later than the due date applicable in the case of the assessee for filing the return of income under section 263(1); and (c) the proof of....
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....g to the said scheme. (5) If the capital gains under sub-section (1) does not exceed two crore rupees, the assessee may, at his option, purchase or construct two residential houses in India, and where such option has been exercised,- (a) for the purposes of sub-section (1)(b), "one residential house in India" shall be read as "two residential houses in India"; and (b) for the purposes of sub-....