Section 54f -

This query is : Resolved

HEMANT AGARWAL (Querist)
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16 May 2012 CASE :
I PURCHASED A RESIDENTIAL FLAT ON JUNE 2012.
PAID 80% OF THE AMOUNT ON JULY 2012
PAID THE BALANCE AMOUNT ON AUGUST 2013 ON REGISTRY.

I SOLD THE PIECE OF LAND ON DECEMBER 2013 AND GOT THE CAPITAL GAIN.

CAN I CLAIM EXEMPTION U/S 54F.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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16 May 2012 Exemption u/s 54 or 54F is available if a LONGE TERM CAPITAL ASSET is transferred.

In your case the asset is NOT a long term asset and hence exemption is NOT available.

HEMANT AGARWAL

HEMANT AGARWAL (Querist)
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19 May 2012 the asset ( land ) transferred is a long term capital asset @ siddhartaji

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 May 2012 An asset is said to be a long term asset if it is held for a period of 36 months or more.

Since the residential flat has not been held for more than 36 months, it is NOT a long term capital asset.

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