Section 54F - Capital Gain on sale of LTCA not to be charged in case of investment in residential house

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..... al house property New assets to be purchased or constructed One residential house in India i.e. building land appurtenant there to Time limit Purchase :- Within 1 year before or 2 years after the date of transfer; and Construction :- To be completed within 3 years after the date of transfer. New assets should be situated in India [ Leena J. Shah Vs. ACIT 2005 (11) TMI 386 - ITAT Ahmedabad ] Capita .....

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..... ears after the date of transfer of the original asset; and ( b ) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head Income from house property . where the cost of new asset exceeds ten crore rupees, the amount exceeding 10 crore rupees shall not be taken into account for the purposes of sect .....

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