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Section 53 - Omitted - Income-tax Act, 1961Extract Exemption of capital gains from a residential house. 53. 1 [****] *************** NOTES:- 1. Omitted vide Section 26 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, 53. Exemption of capital gains from a residential house. Notwithstanding anything contained in section 45, where in the case of an assessee being an individual or a Hindu undi vided family, the capital gain arises from the transfer of long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head Income from house property , the capital gain arising from such transfer shall be dealt with in accordance with the following provisions of this section, that is to say, (a) in a case where the full value of the consideration received or accruing as a result of the transfer of such capital asset does not exceed two hundred thousand rupees the whole of the capital gain shall not be charged under section 45; (b) in a case where the full value of such consideration exceeds two hundred thousand rupees, so much of the capital gain as bears to the whole of the capital gain the same proportion as the amount of two hundred thousand rupees bears to such consider ation shall not be charged under section 45: Provided that nothing contained in this section shall apply to a case where the assessee owns on the date of such transfer any other residential house. Explanation: In this section and in sections 54, 54B, 54D, 54E, 54F and 54G, references to capital gain shall be construed as references to the amount of capital gain as computed under clause (a) of sub-section (1) of section 48. Earlier , Amended vide Section 18 of the Finance Act, 1987 w.e.f. 01-04-1988 And was Amended vide Section 15 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-04-1985
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