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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. Page Contents.
3 days ago · Section 54F of the IT Act allows an exemption on capital gain from sale of any property other than a residential house. This exemption is subject to certain conditions which are: Taxpayer should invest the net sales amount of the old property in purchase of a new residential house.
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.
4 days ago · Section 54F of the Income Tax Act provides an opportunity for individuals and Hindu Undivided Families (HUF) to avail of exemption on capital gains by investing in a residential house. Key conditions to qualify for exemptions under Section 54F include: Type of Taxpayer: Applicable to both individuals and HUFs.
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 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.
May 18, 2019 · Section 54F of the Income Tax Act 1. Assessee is an Individual or HUF. 2. Capital Gain arises from the Sale of any capital asset other than Residential House.
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.
May 9, 2024 · Section 54F of the Income Tax Act, 1961, offers a valuable exemption on long-term capital gains originating from the sale of assets other than residential houses. Eligibility is reserved for individuals or HUFs, provided the capital gain arises from the sale of a non-residential house.
Sep 12, 2023 · While under Section 54 of the Income Tax Act 1961, tax exemption is allowed on the capital gains earned from selling residential property, under Section 54F, tax exemption is allowed on the long-term capital gains earned from selling any capital asset other than a house property.
