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.....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- ECO SUPPLY REPORTIONG IN GSTR-1
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- CCFS 2026 Schemed
- Two seprate Invoice needed
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
