Capital gain 54 F

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I have two houses purchase in 2000 and in 2019 in my name. Sold plot in  Oct 2021 to utilise capital gain to purchase new house bigger one. Entire consideration kept in capital gain Account with psu bank. 54 F.4 month to remain to utilise capital gain if purchase new house or 1.4 month to construct new house.

Now wish to sell one house to purchase new bigger one which is under completion  to utilise capital gain of both.Looking  advice on it to get more clarity

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On 05 June 2023 at 20:34 Report
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Quick Summary
This discussion explores Capital Gains Tax under Section 54F, specifically regarding the sale of a plot and the purchase of a new house. It highlights that owning more than one residential property at the time of plot sale disqualifies individuals from Section 54F deductions. The thread also touches upon alternative options like Section 54EC for investing capital gains in bonds, and how to calculate capital gains on inherited properties.

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12244 Points Posted on 06 June 2023
First of all you are not eligible to claim deduction under section 54F as you own more than 1 residential property as on date of transfer of plot. so the entire capital gains realized on sale of plot is required to be taxed.
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On 06 June 2023 at 02:51
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Profession Business
28246 Points Posted on 06 June 2023
Basic criteria
1. tenure after investing in new house property
2. two houses you cannot own as on that date.
3. capil gain account scheme is also an issue
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On 06 June 2023 at 06:35
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Any solution on it. How to invest the capital gain amount or entire consideration 

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On 06 June 2023 at 11:48
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Any solution on it. How to invest the capital gain amount or entire consideration 

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On 06 June 2023 at 11:48
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Profession Business
28246 Points Posted on 06 June 2023
What is your capital gain?
If you can invest the entire amount of consideration in another property or construct another property or keep the entire amount in capital gain account scheme..
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On 06 June 2023 at 12:33
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12244 Points Posted on 06 June 2023
You can opt for 54EC deduction but that needs to be deposited within 6 months from the date of transfer. as of now, you don't have any choice except to pay tax
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On 06 June 2023 at 13:11
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2 Points Posted on 06 June 2023
If an old inheritated property is sold ,how to calculate the capital gain ? Is there any investment option to avoid capital gain ?
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On 06 June 2023 at 19:13
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12244 Points Posted on 06 June 2023
If the inherited property is of land, you can avail 54F deduction by investing the entire net sale consideration in residential property. if the inherited property is of residential property, you can avail 54 deduction by investing capital gains in another residential property.
else you can avail 54EC deduction by investing up-to 50 LAKSHMI in NHAI OR RECL BONDS for a lock in period of 5 years
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On 06 June 2023 at 21:09
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212434 Points Posted on 08 June 2023

"Sorry, I am not a featured member."

For featured members contact.... https://www.caclubindia.com/catalogue/featured.asp

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On 08 June 2023 at 12:28

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

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