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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.
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.
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.
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.
May 25, 2023 · Section 54 of Income Tax Act: Capital gains exemption rules. In this guide, we are going to focus on the tax benefits offered under Section 54 to property sellers in India.
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.
