Long Term Capital Gains after purchase of property - Section 54F

Aarul Jain (1 Points)

30 November 2023  


I purchased a property (flat) for Rs 1.5CR on 01-Oct-2023 (registration date). I already have another property that was purchased in 2020. I have long term capital gains arising from sale of foreign equity (RSU) for Rs 10 lakhs on 31-Dec-2023 and Rs 15 lakhs on 30-Jun-2024.

My understanding based on Section 54F is that I can claim exemption from tax on these long term capital gains since the property is purchased one year ago. Can someone please confirm understanding? Also apart from filing the Income Tax return, do I need to fill any other form or take any other step to claim this exemption?

Really appreciate if someone can take the time and effort to please reply.

Thanks and Regards