New Delhi, Jan. 26 -- For those who wish to use profits from shares, mutual funds, land or commercial property to buy their dream home, the government allows tax exemption on such gains under Section 54F. However, there is one condition-the prospective buyer should not own more than one residential property at the time of selling the asset whose profits are to be reinvested.

So, what do you do if you already have two residential properties in your name but wish to buy a third one for your child or parents with the sale proceeds of another asset? Transferring one of the residential properties or non-residential assets to your family may help in some cases.

Let's take this hypothetical case: Ashish, who is married to Anita and has one adu...