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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.
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.
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.)
4 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.
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.
Jun 26, 2024 · 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.
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.
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.
Oct 19, 2023 · Exemption under Section 54 of the Income Tax Act is available on Capital Gains on the sale of residential house property. INDEX. Capital Gain Exemption under Section 54. Eligibility to claim Capital gain exemption. Quantum of Exemption under Section 54. Consequences of Transfer of New House Property. CGAS Scheme for claiming exemption. FAQs.
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.
