Deduction under Section 54 & 54F

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Manager Finance & Accounts
91 Points Posted on 11 June 2021

If a person has LTCG from sale of house as well as from sale of shares and out of that gain he has purchased a new house. Can he claim deduction under section 54 (for LTCG of old house) and 54F (for LTCG of shares) against the new house simultaneously?

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On 11 June 2021 at 10:21 Report
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Quick Summary
This discussion clarifies whether an individual can claim deductions under Section 54 and Section 54F simultaneously. The consensus is that if you have long-term capital gains (LTCG) from selling both a house and shares, and you use these gains to purchase a new house, you are eligible to claim deductions under both sections against the new property.

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Chartered Accountant
24588 Points Posted on 11 June 2021
Yes deduction can be claimed
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On 11 June 2021 at 12:23
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Learner
2398 Points Posted on 11 June 2021
Absolutely he is eligible
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On 11 June 2021 at 12:28
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Chartered Accountant
24588 Points Posted on 25 July 2021
Yes ....
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On 25 July 2021 at 08:33
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Chief Accountant
3150 Points Posted on 31 July 2021
Yes, of course
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On 31 July 2021 at 02:42

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