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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.
- Section 54 Exemption for Capital Gains on Residential ...
Exemption under section 54 can be claimed in respect of...
- Capital Gains Exemption on Sale of Residential House under ...
QUANTUM OF EXEMPTION. If the cost of new residential house...
- Section 54 Exemption for Capital Gains on Residential ...
- Introduction
- What Are The Benefits of An Asset Being Classified as A Long-Term Capital Asset?
- Exemption Under Section 54
- What Is Capital Gains Account Scheme?
- Section 54 vs Section 54F
Firstly, let us understand which portion of the income is taxable on sale of the property. Is it the entire amount received on the sale of the property? The answer is NO. In simple words, only the profit earned by the individual on the sale of the property is taxable. Profit is the difference between the sale price and the cost of the asset. A sale...
The major benefit of an asset being termed as a long-term capital asset is that the assessee is eligible for the benefit of indexation. Moreover, certain exemptions are eligible only for long-term capital assets.
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. Taxpayers such as partnership firms, LLP’s, companies or any other association or body cannot claim tax exemption under section...
If the asset is sold in the PY, and the seller intends to, but is yet to purchase the new house property as the time limit of 2 years or 3 years has not yet expired, then the assessee is required to deposit the amount of gains in the Capital gains account scheme (in any branch of public sector, bank) before the due date for filing income tax return...
Earning income automatically casts a responsibility on the taxpayers to discharge income tax on such income and so is the case with capital gains too. However, the income tax laws allow taxpayers to claim certain exemptions against capital gains, which will help reduce their tax outgo. Two such very crucial exemptions one can claim are under Sectio...
- 40,00,000.00
- Amt (Rs)
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.
2 days ago · 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.
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. To claim this tax benefit, certain prescribed conditions need to be satisfied.
Capital gain arising on the transfer of a residential house is exempt u/s 54 in the following circumstances: (i) the asset transferred is a residential house, the income of which is chargeable under the head "income from house property"; (ii) the asset transferred is a long-term capital asset and hence there is a long-term capital gain:
Jun 26, 2024 · 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. Quick Summary
