Capital gain on sale and purchase

This query is : Resolved 
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This discussion clarifies how to claim deductions on capital gains tax arising from the sale of a residential flat. The user successfully identified that Section 54 of the Income Tax Act is the relevant section for claiming deductions on long-term capital gains from selling a residential property, especially when reinvesting in another.

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(Querist)
28 December 2022 Capital Gain arising from the sale of a flat is 6,60,000/- ( Sale value is 40,00,000)
The new flat purchased is rs.85,00,000.
Under which section can I claim the deduction for income from capital gain?
54 or 54F.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 December 2022 For deduction of LTCG arising out of sale of RESIDENTIAL HOUSE / FLAT.... sec. 54 of IT act is applicable.
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pavel

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pavel (Querist)
06 January 2023 thank u soo much sir for ur time and reply
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
06 January 2023 My pleasure..
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