Section 54f under capital gain

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ANKIT (Querist)
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28 June 2014 whether transfer of any long term capital asset including residential house property or excluding residential house property.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 June 2014 seriously ankit...isnt the section self-explanatory???

"where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long-term capital asset, not being a residential house"

Rupesh Jain

Rupesh Jain (Expert)
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30 June 2014 this section deduction for thouse assesse who have not residential house but buy his own house to sell his another long term aseets.

you cannot take exemption of laong term capital gain on sale of house property. for that section is 54 not the section 54F.

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