Capital Gain Exemption u/s 54F

In my opinion yes you can claim as you brought the house with in one year

Yes Sir you can claim Exemption U/s 54F of the Income Tax Act 1961 since it is within the time frame. You are required to purchase one Residential House Property within 2 years or construct within 3 years one residential house in India, after the transfer of any long term capital asset.

[ Condition ( Maximum 1 Old House ) : The assessee should not own on the date of transfer of original asset more than one residential house property other than the new house. ]

I have not bought the house within one year date of sale is 5th July 2019

@ Prasad Sir, Inorder to claim Exemption U/s 54F of the Income Tax Act 1961, you are required to either purchase one Residential House Property "1 Year BEFORE" the transfer of LTCA or "Within 2 Years" from the date of transfer of the LTCA.

In your case you have purchased the House "within 2 years" from the date of transfer of the original LTCA and that too within the Return filing due date.

Hope it is clear now...

Dear Mr Shivam, Thanks for the clarification. A small help, is ITD released any Notification regarding this for current AY? Since I kept the sale amount till Oct 2020 in my SB account.

I'm not aware about any such notification issued by the Income Tax Department. I have to check it in the website if there is any such notification regarding this matter and will confirm you asap. Give me some time

I think they don't   as you brought the house with in time limit

You can claim deduction Sir. No such notification was issued by the ITD. I consulted with one of my Senior and he also confirmed the same.

Thanks for the suggestion Mr. Shivam and Miss. Ayusmita 🙏

Welcome 😊

But shivam really answer your queries very welly

That's True..

I Invested in Mutual fund from 5th Nov 2014 until now for Rs. 2000 (SIP) every month. Recently is sold accumulated units from the inception until 5thDecember 2016 to book profit . Net profit was Rs.32803/-

Also i sold four company's Stocks Listed on Stock exchange which i had invested in them, way back in Year 2000. Except one stock i have losses in the others (without indexation)

1) Can i set off the Capital losses in stocks against the Capital Gains of Mutual funds?

2) Is indexation applicable on mutual funds , if yes, where can i find the same.

3) Is indexation applicable for stocks acquired in the year 2000. please share the link for my understanding & working.

4) Is the Capital Gain Exemption of Rs.100000 included in the total exemption of Rs.250,000/- for an individual.

FYI - During the financial Year 2019-20 I filed returns as RNOR.

Please guide. Thanks in advance.