I am having Long Term capital gain of Rs 15 lakhs from the sale of shares and mutual funds in FY 18-19 .
I have booked a flat under construction with a builder and the hand over will be in 2021 . I am paying the installments as mentioned in the agreement . I may also avail a loan also for this flat . I don't have any other residence in my name The query is
1 Can I claim deduction under Sec 54 F while filing my ITR for 2019-20 AY ? even if I am using the part from Bank loan ?
2 There is a time clause mentioned in the act . But the capital gain was generated on different dates on different transactions . The counting of the dates set by the Act will start from the end of the FY (31-03-2019) or the individual dates which was spread over FY 2018-19
20 July 2019
Dear Sir Income tax act mentions that Sec 54 F exemption is available for the transfer of any Long Term capital asset except Residential property . In that case LTCG from shares also will be allowed ? Please advice
CAclubindia
