1. On 5-Nov.-2019 - Mr. Anand bought a residential flat with consideration amount - Rs. 60 lakhs. This is his first flat / residential house.
2. On 10-Nov-2019 - Mr. Anand bought 10,000 shares of Rs. 50 per share of ABC company.
3. On 1-Dec-2020- The values of Shares of ABC company is Rs. 400 per share. Net Capital Gains is - Rs. 35,00,000/-
As per applicable LTCG tax - Rs. 3,40,000/- should be submitted as LTCG Tax.
WHETHER Mr. Anand can take the benefit of section 54F as it talk about purchase of residential house before one year also ?
CAclubindia
