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Mar 16, 2020 · Provisions of section 54F of the Income Tax Act provides exemption towards long term capital gain (other than a residential house) when the amount is invested in purchasing or constructing a new residential house property. The entire provisions of section 54F are explained in the present article.
Jul 25, 2024 · The Income Tax Appellate Tribunal (ITAT) Delhi allowed the deduction of Rs.1.59 crore under section 54F against the investment made in the construction of house at Mehandi Farms. Taxpayer did not own more than one residential house on the date of sale of commercial property.
Nov 5, 2023 · With respect to fiscal 2023, as per Section 54F of the Income-tax Act, 1961, you are eligible to claim a deduction from LTCG arising on transfer of an asset (other than a residential house), with...
6 days ago · Section 54F of the Income Tax Act allows individuals to claim an exemption on long-term capital gains earned from selling long-term capital assets like jewelry, shares, and other capital assets except for house property if such sale proceeds are reinvested for the purpose of purchasing or constructing a house.
Section 54F of Income Tax Act – Exemption Of Capital Gains. Table of Contents. What are capital assets? Types of capital assets? What is Section 54F of the Income Tax Act? Meaning of Net Consideration under Section 54F. Union budget 2023-24 on Section 54F of income tax. Difference between Section 54 and Section 54F.
Section 54F of the Income Tax Act allows an individual or a Hindu Undivided Family (HUF) to claim exemption from long-term capital gains tax if the proceeds from the transfer of a capital asset other than a residential house are invested in the purchase of a new residential house property.
Oct 12, 2023 · An exemption under section 54F is available on the sale of a long-term capital asset except for house property if the taxpayer invests the sale consideration in the purchase or construction of a residential house property. Eligibility to claim an exemption under Section 54F.
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.
Jul 25, 2024 · section 54 of income tax act - Tax-saving strategies for property investments with section 54 of capital gain exemptions. check out here on how to optimize capital gains efficiently.
Section 54F of the Income-tax Act, 1961 provides a provision for individuals to claim a deduction from long-term capital gains (LTCG) arising from the transfer of an asset, other than a residential house, by investing the net sales consideration in the construction of a residential house in India.
