Regarding capital gain account and 54F
This query is : Resolved
25 October 2023
Is my below understanding correct, when partial deposit in Capital gain account w.r.t 54F is done?
Total sale price of plot = Rs.25 Lakhs
Purchase price after indexation = Rs.10 Lakhs
Capital gain = 15 Lakhs
Amount deposited in Capital gain deposit account = 20 Lakhs (Instead of 25 Lakhs).
1. Amount subject to capital gain in current year = (15*5/25)Lakhs = Rs. 3 Lakhs.
2. After 3 years, if an amount of Rs.20 Lakhs in Capital gain deposit account is unutilized, then capital gain will be 12 Lakhs (i.e. 15 - 3 = 12)?
3. After 3 years, if an amount of Rs.10 Lakhs in Capital gain deposit account is unutilized, then the capital gain will be 6 Lakhs (i.e. 12 * 10 /20)?
Please let me know, if my understanding correct for the above scenarios 1, 2 and 3?
Total sale price of plot = Rs.25 Lakhs
Purchase price after indexation = Rs.10 Lakhs
Capital gain = 15 Lakhs
Amount deposited in Capital gain deposit account = 20 Lakhs (Instead of 25 Lakhs).
1. Amount subject to capital gain in current year = (15*5/25)Lakhs = Rs. 3 Lakhs.
2. After 3 years, if an amount of Rs.20 Lakhs in Capital gain deposit account is unutilized, then capital gain will be 12 Lakhs (i.e. 15 - 3 = 12)?
3. After 3 years, if an amount of Rs.10 Lakhs in Capital gain deposit account is unutilized, then the capital gain will be 6 Lakhs (i.e. 12 * 10 /20)?
Please let me know, if my understanding correct for the above scenarios 1, 2 and 3?
16 January 2024
https://incometaxindia.gov.in/tutorials/16.%20exemption%20under%2054.pdf
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