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Apr 3, 2024 · Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-in periods analyzed.
Jul 25, 2024 · If the assessee buys or constructs a new house within the prescribed time limit after selling the old house property, which is a long-term capital asset, he or she can claim an exemption under Section 54.
6 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 · The Section 54 Exemption under the Income Tax Act, 1961, offers a valuable opportunity for individuals to save on capital gains when transferring residential property.
May 1, 2023 · Exemptions under Section 54: The Income Tax Act has a number of provisions (including provisions 54, 54F, and 54EC) that provide deductions or exemptions for long-term capital gains if the proceeds of the sale are reinvested in certain assets, such as bonds or residential real estate.
Jul 23, 2024 · From FY 24-25, the limit on the exemption of Long Term Capital Gains on the transfer of equity shares or equity-oriented units or units of Business Trust is proposed to be increased from Rs.1 Lakh to Rs.1.25 lakh per year. The rate at which it is taxed is also increased from 10% to 12.5%.
Apr 6, 2022 · 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 acquisition i.e., purchase or construction of another residential property. 2. WHAT IS A CAPITAL ASSET?
Jul 24, 2024 · Is there any change in the exemption limit for long-term capital gains under section 112A which was earlier one lakh Rs.? Ans. Yes. The exemption limit of 1 lakh for LTCG on these assets has also increased to 1.25 lakh Rs. ... For roll over benefits, taxpayers can invest their gains in house under section 54 or section 54F or in certain bonds under section 54EC. For complete details of all roll over benefits, please refer section 54, 54B, 54D, 54EC 54F, 54G of the IT Act.
Jun 26, 2024 · 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. Quick Summary
Oct 19, 2023 · A taxpayer can claim capital gain exemption on the sale of a house property under Section 54 if they satisfy all the below conditions: The taxpayer should be an Individual (including NRI) or HUF. The benefit of exemption u/s 54 is not available to the company, LLP, or Firm.
