Amendment of section 54

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..... on 54 of the Income- tax Act relating to profit on sale of property used for residence. The existing provisions contained in sub-section (1) of section 54 provide that where capital gain arises from the transfer of a long-term capital asset, being a residential house, and the assessee within a period of one year before or two years after the date of transfer purchases, or within a period of three .....

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