Who can claim the exemption in section 82 of the Income-tax Act, 2025 for long-term capital gains on a residential house reinvested in another residential house?
Question and options
Who can claim the exemption in section 82 of the Income-tax Act, 2025 for long-term capital gains on a residential house reinvested in another residential house?
Any assessee other than a company
An individual, but not a Hindu undivided family
An individual, a Hindu undivided family or a firm
An individual or a Hindu undivided family
Answer and explanation
Section 82(1) of the Income-tax Act, 2025 grants the exemption only to an individual or a Hindu undivided family that transfers a long-term residential house and buys or constructs one residential house in India within the time allowed. A firm cannot claim it even though it can own house property.
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