Ito,Ward-30(1), New Delhi vs Vinod Gugnani, New Delhi on 2 November, 2022
ITO Vs. Vinod Gugnani
54F. (1) [Subject to the provisions of sub-section (4), where, in the
case of an assessee being an individual or a Hindu undivided
family], the capital gain arises from the transfer of any long-term
capital asset, not being a residential house (hereafter in this section
referred to as the original asset), and the assessee has, within a
period of one year before or [two years] after the date on which the
transfer took place purchased, or has within a period of three years
after that date constructed, a residential house (hereafter in this
section referred to as the new asset), the capital gain shall be dealt
with in accordance with the following provisions of this section, that
is to say,--