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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.
2 days ago · 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.
Feb 4, 2023 · Section 54 of the Income Tax Act of India provides for tax exemptions on capital gains arising from the transfer of a long-term capital asset (such as a house property) if the gain is invested in a new residential property.
2 days ago · If you have sold any capital assets thereby incurring capital gain tax. You can plan your capital gain tax by claiming exemption as explained above under section 54 , 54EC , 54F etc. Using these section you will be able to claim exemption from capital gain tax.
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.
Jul 20, 2023 · Section 54 of the Income Tax Act provides for a tax exemption on the capital gains arising from the sale of a long-term capital asset, specifically a residential house property. This exemption is applicable if the capital gains are reinvested into purchasing another residential property.
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.
Apr 11, 2023 · Section 54 of the Income Tax Act 1961 allows an individual and a Hindu Undivided Family (HUF) avail tax exemptions from capital gains invested in eligible transactions such as the purchase or construction of new assets. Under this section, only a person living in India can apply for tax exemption to save on capital gains.
