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Deemed Capital Gains - Exemption U/s. 54F

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SAI KUMAR

STUDENT

36 Points Posted on 11 June 2021

The assessee has sold the vacant site on 13.04.18 and claimed exemption U/s. 54F by investing in Capital Gains Scheme Account.

But he could not buy the property with in the stipulated time as per section 54F due COVID Pandemic. Hence, it is taxable during the AY: 2022-23 as Deemed Capital Gains.

Whether he can claim Exemption U/s. 54F on Deemed Capital Gains.

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Quick Summary

This discussion addresses claiming exemption under Section 54F for capital gains when the purchase of a new property was delayed due to the COVID-19 pandemic. Although the investment was made in a Capital Gains Scheme Account, the assessee couldn't buy the property within the stipulated time. The query is whether exemption under Section 54F can still be claimed on the deemed capital gains that will be taxed in AY 2022-23.