I intend to purchase a flat in a high rise building. The building construction is expected to take 5 years. 30% of amount is payable upfront. 70% of amount is payable after 5 years at the time of taking possession. I will be raising funds for initial 30% by selling equity shares and equity mutual funds on which I will be accruing LTCG. I will investing total consideration from sale of equity shares and equity mutual funds for initial 30% payment towards the said flat within a period of 2 months of accruing LTCG and intend to claim capital gains tax exemption under section 54F in the current FY. After 5 years, for the payment of balance 70% of amount at the time of taking possession, I will be selling my current residential flat after 5 years and invest the total consideration for purchase of the new flat within 3 or 6 months of sale of current residential flat. I will be accruing LTCG on sale of current residential flat after 5 years. In the 5 year hence FY, I intend to claim capital gains tax exemption under section 54. My question is arising from the fact that, since the building will take 5 years to construct and then become ready for possession, can I claim capital gains tax exemption under section 54F in current FY for initial 30% payment and also for the balance 70% payment under section 54 in five years hence FY?

AY 2022-23 DEMAND NOTICE RAISED BY DEPTT. BUT DEMAND PAID AGAINST SELF ASSESMENT TAX HEAD (300)
WHAT TO DO ? PLEASE SUGGEST

Hello Sir,

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Dear Sir/Madam,

1. To Whom the Marginal relief is applicable?
2. Is it applicable to senior citizen and non resident person?

Please, reply.

Thank you.

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Thanks & regards

CMA.Sarath Kurian

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Hello everyone
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