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New tax regim/slab 2020

Ravi (AGM) (43 Points)

04 January 2021

can you let me know if I go with new tax regim 2020 would I be eligible for section 54f exemption?

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7 Replies

Sumit Shukla (378 Points)
Replied 04 January 2021

Allowed

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Ravi (AGM) (43 Points)
Replied 04 January 2021

Thank you. One more query. I booked an under construction property in 2017 on loan and I will get possession in 2021 which I will move into. If I sell my other property where I am currently staying in 2021, would I be eligible for 54f exemption?

Krishna Chaudhary (Accountant) (4531 Points)
Replied 04 January 2021

Yep. be allowed

Smit Shah (524 Points)
Replied 04 January 2021

No then in such case you can't get exemption

Ravi (AGM) (43 Points)
Replied 04 January 2021

Would allotment date or registration date be considered for computation on capital gain exemption under sec 54?

Smit Shah (524 Points)
Replied 05 January 2021

At the time of allotment you may have paid only token amount and also you may not get the possession of the same hence registration date is actually be considered for sec 54

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Ravi (AGM) (43 Points)
Replied 05 January 2021

Thank you Amit. There is really confusion on whether allotment/booking date or registration date is being considered for computation on capital gain exemption under sec 54?