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Apr 3, 2024 · Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-in periods analyzed.
Jul 4, 2024 · 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.
Jun 28, 2024 · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential house property can claim exemption from such capital gains if they invest the proceeds in the acquisition, i.e., purchase or construction, of another residential property.
Jul 4, 2024 · QUANTUM OF EXEMPTION. If the cost of new residential house >= long term capital gains, entire gains is exempt. if cost is < long term capital gains, then upto to the extent of cost of new residential house is exempt. With effect from 2024-25, the Finance Act 2023 has restricted the maximum exemption amount under section 54to ₹10 crore.
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.
6 days ago · One can claim an exemption under Section 54 concerning long-term capital gains on the sale of a residential house if the capital gains are invested in buying a residential house within two years ...
Oct 19, 2023 · A taxpayer can claim capital gain exemption on the sale of a house property under Section 54 if they satisfy all the below conditions: The taxpayer should be an Individual (including NRI) or HUF. The benefit of exemption u/s 54 is not available to the company, LLP, or Firm.
