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What is Section 54 of Income Tax Act?
How does section 54 affect capital gains tax?
What is a section 54 exemption?
When is a new house taxable under Section 54?
Income-tax Act, 1961. 925 Record (s) | Page [1 of 93] Compare Act/ SectionNEW. Choose Acts: as amended by Finance Act.
- Introduction
- What Are The Benefits of An Asset Being Classified as A Long-Term Capital Asset?
- Exemption Under Section 54
- What Is Capital Gains Account Scheme?
- Section 54 V/S Section 54F
Firstly, let us understand which portion of the income is taxable on sale of the property. Is it the entire amount received on sale of property? The answer is NO. In simple words, it is only the profit earned by the individual on sale of the property that is taxable. Profit is the difference between the sale price and the cost of the asset. A sale ...
The major benefit of an asset being termed as a long-term capital asset is that the assessee is eligible for the benefit of indexation. Moreover, certain exemptions are eligible only for long-term capital assets. However, from 23rd July 2023 for land and building an option has been provided to taxpayer to pay tax at the rate of 12.5% without indexa...
Under Section 54 the IncomeTax 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. Taxpayers such as partnership firms, LLP’s, companies or any other association or body cannot claim tax exemption under section 54....
If the asset is sold in the PY, and the seller intends to, but is yet to purchase the new house property as the time limit of 2 years or 3 years has not yet expired, then the assessee is required to deposit the amount of gains in the Capital gains account scheme (in any branch of public sector, bank) before the due date for filing income tax return...
Earning income automatically casts a responsibility on the taxpayers to discharge income tax on such income and so is the case with capital gains too. However, the income tax laws allow taxpayers to claim certain exemptions against capital gains, which will help reduce their tax outgo. Two such very crucial exemptions one can claim are under Sectio...
- 40,00,000.00
- Amt (Rs)
Apr 3, 2024 · Learn how to avail exemptions on capital gains under sections 54, 54B, 54D, 54EC, 54F, 54G and 54GA of the Income Tax Act. Compare the eligibility criteria, time limits, exemption amounts, lock-in periods and deposit schemes for different types of assets and scenarios.
Sep 9, 2024 · Section 54 offers relief for long-term capital gains (LTCG) from the sale of residential property, allowing reinvestment into a new house within specific timeframes. If the cost of the new asset exceeds the LTCG, the entire gain is exempt; otherwise, the exemption is proportionate.
Apr 6, 2022 · Learn how to claim exemption from capital gains on selling a residential house property if you invest the proceeds in another residential house in India. Find out the eligibility, conditions, computation and tax implications of Section 54 of the Income Tax Act.
Sep 10, 2024 · Learn how to claim tax exemption on long-term capital gains from selling a residential property and buying another one under Section 54 of the Income Tax Act. Find out the eligibility criteria, conditions, and latest amendments for this section.
May 11, 2024 · Learn how to claim tax exemption on capital gains from selling a residential property and reinvesting in another residential property under Section 54 of the Income Tax Act. Find out the eligibility criteria, conditions, limits, documents, and benefits of this provision.
