To be eligible for a tax exemption on the sale of the original house, the new home must be purchased either one year before or two years after the sale of the previous residential property. This means that the purchase of the new home must occur within a specific timeframe relative to the sale of the original house in order for the tax exemption to be claimed.
What is the duration within which a new residential house must be purchased after selling the original house to avail of tax benefits u/s 54?
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