Holding period under section 54F

This query is : Resolved

siddhesh verma (Querist)
Follow

29 April 2023 For claiming deduction u/s 54F we have to invest amount in residential House and also hold such property for 3 year but my issue is 3 years is counted from which date from the date of payment or from the the date of possession of Flat.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

29 April 2023 Possession of flat..

CA Sanat Pyne

CA Sanat Pyne (Expert)
Follow

30 April 2023 Under Section 54F of the Income Tax Act, 1961, taxpayers can claim a deduction on the capital gains arising from the transfer of a long-term capital asset (excluding a residential house) if the proceeds are invested in a residential house. However, to claim this deduction, certain conditions need to be fulfilled, including the holding period of the new residential house.

In the case of Section 54F, the holding period of the new residential house is calculated from the date of its possession. It is not counted from the date of payment. Therefore, you must hold the new residential property for a minimum period of three years from the date of possession to be eligible for the deduction under Section 54F.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rampal Saini

Shailesh Prajapati

efiletax

ANJANA PALIYATH

kishor wakte

Subscribe Now

Holding period under section 54F

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

CA Final

GST CONSULTANT

GST CONSULTANCY

Article Assistant

Accountant