Long Term Capital Gain from sale of Mutual Funds

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finance consultant
50 Points Posted on 28 July 2024

Sir,

What are pre-conditions for claiming exemption from Long term capital gain on Sale of Mutual Funds.

Please clarify whether one has to reivest the entire  sale proceeds to claim exemption.

Can we claim exemption up to Rs.100000/- with out further investments. if so, under which section.

Please reply at the earliest.

Thanks & regards,

Gopalakrishna Pillai 

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On 28 July 2024 at 18:42 Report
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Quick Summary
This discussion clarifies the rules for claiming exemptions on long-term capital gains (LTCG) from selling mutual funds. It addresses whether the entire sale proceeds must be reinvested to claim exemption, particularly concerning the Rs. 1 lakh exemption limit under Section 112A of the Income Tax Act.

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CA
4330 Points Posted on 28 July 2024
Hi, LTCG is exempt upto 1lacs in 112A
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On 28 July 2024 at 18:52
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Profession
19976 Points Posted on 28 July 2024
This year increased upto 1.5 lacs
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On 28 July 2024 at 19:27
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finance consultant
50 Points Posted on 28 July 2024

Sir, 

My query is very specific. Whether one has to re-invest the entire consideration to avail exemption. 

Please reply.

Thanks & regards,

Gopalakrishna Pillai

 

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On 28 July 2024 at 20:00
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SEO Sai Gr. Hosp.
121452 Points Posted on 28 July 2024
  • To claim exemption u/s. 54F entire sale consideration is to be invested
  • Sec. 112A IT act...
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On 28 July 2024 at 20:22
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Profession
19976 Points Posted on 29 July 2024
No not necessarily
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On 29 July 2024 at 08:55

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