54f ltcg ltcl

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G
407 Points Posted on 12 July 2024
A person is having ltcg of 28lakhs against which he has purchased flat of 80lakhs and he is even having ltcl of 5lakhs. will ltcl will be carry forwarded
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On 12 July 2024 at 17:20 Report
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Quick Summary
This discussion clarifies how to claim Capital Gains Tax exemption under Section 54F when purchasing a property. It explains that losses (LTCL) are first offset against gains (LTCG) before any exemption is applied. The remaining LTCG is then eligible for deduction based on the property investment, with specific calculations for sales consideration and investment amounts.

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SEO Sai Gr. Hosp.
212489 Points Posted on 12 July 2024
No. First the loss will get set off with gain. Remaining will get deduction u/s. 54/54F of IT act.
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On 12 July 2024 at 17:49
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G
407 Points Posted on 12 July 2024
Ok sir then we have to enter against ltcg 54f exemption amount. around 40ltcg entry is there
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On 12 July 2024 at 18:02
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SEO Sai Gr. Hosp.
212489 Points Posted on 12 July 2024
Yes, Sales consideration equivalent to 23 LT CG.
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On 12 July 2024 at 18:07
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Profession
28261 Points Posted on 13 July 2024
54F EXEMPTION CAN BE AVAILE
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On 13 July 2024 at 10:02
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4 Points Posted on 05 February 2025

LTCG 27.5L

STCG 7.8L  

Sale value wrt LTCG  88.9L.

invested 48L for buying house

Question:

Can we deduct STCG 7.8L for tax calculation?

Can we offset LTCL carried forward from this LTCG?

what is the tax payable?

 

 

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On 05 February 2025 at 22:25
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SEO Sai Gr. Hosp.
212489 Points Posted on 06 February 2025
  1. No.
  2.  Yes.
  3. Depends upon LTCG derived from.
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On 06 February 2025 at 09:04
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4 Points Posted on 06 February 2025

STCL is 7.8 L, not STCG. 
after computing prorated exemption of LTCG, LTCL and STCL are allowed to be offset to find the tax payable, is it not?

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On 06 February 2025 at 16:30
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SEO Sai Gr. Hosp.
212489 Points Posted on 06 February 2025

It will get deducted from LTCG first...

1 Reply
On 06 February 2025 at 17:05

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