Dear Sir , Kindly help us with the following queries regarding sec 54 and 54 F on capital gains
1 I have an LTCG from Equity Investments in 2018 -2019 FY for 30 lakhs ( Net consideration was 70 lakhs and LTCG 30L)
2 I don't have any house during this period . And I purchased a flat for around 85 lakhs in 2019 Dec , which was under construction . The flat was occupied in 2021 and Registration was made in 2022 Jan .. I have claimed an exemption under Sec 54 F in my return for AY 2019 -20.
3 . Now I am planning to buy another flat ( in 2024) . Can I get another exemption under Sec 54 F for this new flat , if I am investing my LTCG from shares , in 2024 ( I am planning to sell my shares in 2024) . Since the Original capital asset was sold in 2019 , i don't think I am violating the 1 year or 3 year statutory period for buying a new flat under sec 54 F . Is my view correct ? . Meantime I am keeping the flat regd in 2022 for 3 years .
4. If I am taking a housing loan for both the above flats , can I get deduction for the same irrespective of the fact that 54 f has been allowed earlier
5 If I sell the first flat after 3 years ( say in 2025) and invested in the new flat ( the same flat which I am planning to purchase in 2024)
can i get exemption under sec 54 . Any restrictions that the same flat will not be considered for the exemption 2 times ?
Because here I am using the new flat to claim exemptions under sec 54 F in Ay 2025 -2026 and sec 54 in 2026 -2027 Ay . Is this possible ?
Expecting your expert advice
CAclubindia
