LTCG related queries u/s 54F
This query is : Resolved
24 October 2023
I've a couple of queries around LTCG u/s 54F.
1. Can I keep non-LTCG funds as well in capital gain accounts? I want to do this so that the corpus to buy a home stays in one place.
2. My mother wants to transfer me shares w/o consideration as a gift so that I can buy a home.
2.a. Will LTCG be exempted when I sell these shares?
2.b. Should I expect any notices if I try to seek LTCG u/s 54F in this case?
2.c. Can I be denied the LTCG exemption because of any reason in the above mentioned case?
4. Do I need to get any clearance from assessing officer when I close my capital gain account? If so, how to get it done?
1. Can I keep non-LTCG funds as well in capital gain accounts? I want to do this so that the corpus to buy a home stays in one place.
2. My mother wants to transfer me shares w/o consideration as a gift so that I can buy a home.
2.a. Will LTCG be exempted when I sell these shares?
2.b. Should I expect any notices if I try to seek LTCG u/s 54F in this case?
2.c. Can I be denied the LTCG exemption because of any reason in the above mentioned case?
4. Do I need to get any clearance from assessing officer when I close my capital gain account? If so, how to get it done?
25 October 2023
1 Keep it in other deposit in the same bank. Documents required for release form capital gains account.
2a Not exempt.
2b No notice.
2c It can't be denied.
4 Not required. Show purchase agreement to the bankers.
2a Not exempt.
2b No notice.
2c It can't be denied.
4 Not required. Show purchase agreement to the bankers.
25 October 2023
2a. Why not exempt? I am using the LTCG from the gifted shares to buy a home. u/s 54F, exemption should be allowed. No?
25 October 2023
Yes you are right.....
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