Whalesbook
Homeowners can claim significant long-term capital gains tax exemption by reinvesting sale profits into a new residential property, even under construction. Section 54 of the Income Tax Act allows this, but strict timelines apply: the new home must be completed within three years. If immediate reinvestment isn't possible, the Capital Gains Account Scheme (CGAS) can be used. Selling the new property within three years of its completion can revoke the exemption.