CAPITAL GAIN SET-OFF FOR BUY ...FIREST...HOUSE-PROPERTY IN FY 2024-25

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This discussion explores how individuals can claim capital gains tax relief by investing in their first house property within the financial year 2024-25. Specifically, it addresses the potential exemption of Long Term Capital Gains (LTCG) from the sale of shares if the proceeds are reinvested into a new residential property, referencing Section 54F of the Income Tax Act. It also touches upon the process of depositing funds into a Capital Gains Account Scheme (CGAS) to secure this benefit.

ATUL

ATUL (Querist)

30 September 2024 I am regular fieling my it-rtns in time
I HAVE SHARES AROUND 1 CR…MIX OF SHHORT-LONG TERM
IF I WILL PURCHHASE…FIREST….HOUSE-PROPERTY
IN CURR FY 2024-25
CAN I GET ANY TAXATION RELIEF…..
FOR MORE INFORMARION
UNDER WHICH SECTION
FORMULA
OR ANY WITH EXAMPLES….IF POSSIBLE

LOOK4U@REDIFFMAIL.COM

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 September 2024 If you do not have more than one house property at present, you can get sec 54F benefit over Long term capital gains from the sell of shares, subject to conditions mentioned in the act.

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ATUL

ATUL (Querist)

30 September 2024 IF I HAD SOLD VALUE 1CR SHHARE PROFIT 50 LAC.(LTCG...SHHARES HOLDING MORE THHAN 12 MONTHHS ) ...& FULLY INVESTED IN....FIRST HOUSE PURCHASE OF. ..EQUAL TO 1 CR. .....THEN LTCG FULLY EXEMPTED ??????

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

01 October 2024 Yes, as per sec. 54F IT act, if you purchase HP of value Rs. 1 Cr or more, no LTCG tax liability.

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ATUL

ATUL (Querist)

08 October 2024 Sir,
I WNANTS TO KNOW…......
IF I SALE(LISTED EQUITY) WITH LTCG 50 LAC + BASIC 50 LAC…...
BOOK PROFIT …DUE TO CRITICAL MKT CONDITION
1 ST….BOOK LTCG 50 LAC
THEN RE-INVEST IN SAME STOCKS…....
EARN STCG….........& WILL PAY TAX ON MAR-25
-----
& TO CARRY ON LTCG BENEFIT
RS-1 CR…...OPEN A/C & KEPT IN LTCG A/C
WILL BENEFIT CONTINUE FOR….3 YRS

AS
1 ST BOOK LTCG
SAME AMT INVEST IN EQU…..BEFORE MARCH STCG / STC LOSS
&
THEN DEPOST GAIN+PRINCIOLE IN…..LTCG ACCOUNT IN BANK

CAN AVAIL BENEFIT FOR 3 YRS…IN LTCG

ATUL

ATUL (Querist)

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

08 October 2024 Yes, deposit the amount in CGAS acc before filing return, but utilize the fund in purchase of the HP before end of 2 years from the sale of the shares in first instance.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 October 2024 Good luck ....

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