Capital gain

763 views 5 replies

Hi Friends

Kindly help me about below mentioned topic:

My friend sold some gold last months. There is long term capital gain. If he invest all money in to a flat, then long term capital gain is tax free or not?

Kindly help

Thanks

Ajay

Replies (5)

yes by way of investing the sale proceeds in a residential house property within 3 years, he can get exemption u/s 54F......

Originally posted by : Sunshine...

yes by way of investing the sale proceeds in a residential house property within 3 years, he can get exemption u/s 54F......

 


Provided the assessee doesnt owns more than one residential house

Yes, you can get the exemption u/s 54F by investing the sale proceeds in Residential House. Section 54F is a benevolent provision meant for tax relief  where the sale consideration is deployed in acquisition or construction of a residential house by the taxpayer.

Key factors governing the tax exemption under this section are: 

  1. 1. Sale must be of any long-term capital asset other than residential house; 
  2. 2. On the date of sale, the taxpayer must not own more than one residential house; 
  3. 3. Net sale consideration must be deployed in acquisition or construction of a residential house within the specified time i.e., before 1year or after 2years; and 
  4. 4.No acquisition or construction of any more residential house during the specified Lock-in period.




agree with Mr. Suresh & Sunshine

consider section 54 f

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details