Section 54F about second home

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This discussion clarifies the applicability of Section 54F of the Income Tax Act concerning capital gains tax. The user inquired if investing capital gains from mutual fund redemptions into a second residential property, which is rented out, qualifies for tax exemption. The response confirms that exemption under Section 54F is possible, provided all other conditions stipulated by the section are met.

SHRADDHA CLINIC

SHRADDHA CLINIC (Querist)
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29 July 2023 I have query regarding Capital gains invested in buying property. I own a house where I live. Last Financial year I bought second flat and I have given it for rent. I invested some amount in buying from Redemption of Mutual funds and I invested all the capital gains in it. I Can I avail benefit of section 54F to seek exemption from paying taxes on capital gains?