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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.
Section - 110. Determination of tax where total income includes income on which no tax is payable. Section - 115VF. Tonnage income. Section - 14A. Expenditure incurred in relation to income not includible in total income. Section - 115BBI. Specified income of certain institutions. Section - 4.
3 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.
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 · The Section 54 Exemption under the Income Tax Act, 1961, offers a valuable opportunity for individuals to save on capital gains when transferring residential property. This comprehensive guide provides insights into the basic conditions for eligibility, the amount of exemption available, and the potential consequences if the new house is ...
Feb 2, 2024 · Section 54 of Income Tax Act offers tax exemptions from the capital gain tax to individuals and HUFs who are selling their residential property to purchase or construct a new residential property due to genuine causes like transfer, retirement, etc.
Apr 6, 2022 · 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 acquisition i.e., purchase or construction of another residential property.
May 11, 2024 · Section 54 of the Income Tax Act, 1961, is a provision that provides relief to taxpayers on the capital gains earned from the sale of a residential property. It allows individuals to reinvest the proceeds from the sale of a house into another residential property to avail tax benefits.
Oct 19, 2023 · Section 54. Last updated on October 19th, 2023. An individual shift houses influenced by a combination of factors such as job relocation, change in lifestyle, and retirement. On the sale of such residential house property capital gains are incurred.
Dec 29, 2022 · Introduction. Section 54 of the Income Tax Act. Applicability of Section 54 of the Income Tax Act. Eligibility criteria to avail benefits under Section 54 of the Income Tax Act. Purpose of Section 54 of the Income Tax Act. Exemptions under Section 54 of the Income Tax Act. Exemption amount. Capital gains. Capital Gains Account Scheme.
