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Application of section 54F

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Vijay Daiya

2 Points Posted on 08 February 2020

Mr. A has two residential premises out of which he sells one and invest in another residential premises . whether he can get benefit under section 54 or section 54F ? Vijay Daiya

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Quick Summary

This discussion explores the applicability of Section 54 and Section 54F of the Income Tax Act for an individual selling one residential property and reinvesting in another. The key consideration is whether the asset sold was a long-term capital asset to determine eligibility for tax benefits.