An assessee sells two different lands held for more than 3 years and wants to invest the entire sale proceeds in constructing one residential house. Can he avail of exemption u/s 54 F of Income Tax Act ?
Menu
Capital Gain
Replies (1)
Meaning of "Any long term asset" -
1. A person sales jewellery made of gold -4 bangels, necklace, nosepin ,all long term capital assets. All can be individually identified & separable.
2. Shares, held for long term, of various companies, transferred and LTCG of Rs 10.00 lac has arisen.
Whether Sales Consideration if invested in residential house, LTCG would be exempt U/s 54F or not ?
The answer is Yes.
On this logic I can say that LTCG arising on sale of two land plots, if invested in Residential House, U/s 54F exemption will be available for the gains in both the plots.
Recent Topic
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
- Section 54F exemption for buying a plot
Related Topics
CAclubindia
