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Section 54F of the Income Tax Act, 1961 provides exemption from capital gains tax arising from the transfer of a long-term capital asset other than a residential house, if the net sale consideration is invested in the purchase or construction of a residential house within the prescribed time limits. The exemption is available to an individual or Hindu Undivided Family (HUF) only. To avail the benefit, the assessee should not own more than one residential house property other ____ __________ ___ ___ __________.
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