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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.
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.
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.
1 day ago · Sec 54 & 54F exemptions aren’t just for Property Owners: Here’s How you and your spouse/Legal Heirs can benefit: Section 54 and 54F of the Income Tax Act provide crucial exemptions on capital gains from the sale of residential property when reinvested in another residential property.A recent judgment by the Hyderabad Income Tax Appellate Tribunal (ITAT) has broadened the scope, allowing exemptions even when the new property is purchased in the name of the assessee’s spouse or legal heir.
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 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.
4 days ago · 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.
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.
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.
Oct 24, 2023 · Under Section 54 of the IncomeTax Act 1961, an individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in the purchase or construction of the residential property.
