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Nupu (wwww)     28 September 2021

Applicability of S. 54F of Income Tax Act

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 ?



 2 Replies

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     28 September 2021

Not eligible, because purchase of house property took place before 1 year from the sell of the shares.

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     28 September 2021

Not eligible, because purchase of house property took place more than 1 year before the sell of the shares.
 


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