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Jun 26, 2018 · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in purchase or construction of residential property.
Aug 7, 2018 · 1.) For Claiming Exemption, Assessee Should make Investment before Due Date of Filing of Return of Income. 2.) If the Assessee Fails to do so, Amount should be deposited in Capital gain Accounts Scheme before due date of return of Income to Claim the Exemption. 3.)
Apr 3, 2024 · Sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA offer various benefits to individuals and entities. This article delves into the specifics of each section, including eligible assets, time limits for acquisition, exemption amounts, lock-in periods, and applicable deposit schemes.
Nov 3, 2023 · Exemption under section 54 can be claimed in respect of capital gains arising on transfer of a capital asset, being long-term residential house property. In this case, the capital asset is gold, i.e., other than residential house and, hence, the benefit of section 54 is not available.
Feb 2, 2024 · Section 54 of the Income Tax Act is a special exemption offered on capital gain tax. Under this exemption, individuals and HUFs (Hindu undivided families) can claim exemptions from capital gains while selling their property if they wish to purchase or construct another residential property using the selling amount.
May 9, 2024 · As per section 54 of Income Tax Act, 1961 an individual or HUF selling a residential house property can avail tax exemption under the said section for the capital gains, provided the capital gains are invested in purchase or construction of Residential House Property.
1. If the amount of capital gain is equal to or less than the cost of the new agricultural land, the entire capital gain shall be exempt. 2. If the amount of capital gain is greater than the cost of the new agricultural land, the cost of the new agricultural land shall be allowed as an exemption.
Dec 29, 2022 · To be deemed a long-term capital asset under Section 54, the home property must be kept for more than 24 months. One of the main factors for claiming Section 54 benefits is that the residential property is a long-term capital asset.
What Is Section 54 of the Income Tax Act? The process of selling or transferring a capital asset like property comes with taxable capital gains. However, the Government makes it easier for the citizens under Section 54 of the Income Tax Act.
What is Section 54 of the Income Tax Act? This act states that the individual or HUF selling residential property can avail tax exemption under section 54 from Capital Gains, only if the capital gains are invested in the purchase or construction of the residential property.
