Capital gains u/s 54 and 54 F
This query is : Resolved
26 August 2024
I have two flats now.
Old One purchased in 2004
and one purchased in aug 2023 against sale of equity ( section 54 f benefit claimed) in fy 23-24.
If I sell my old 2004 flat for 2 cr and sell some equity ( long term) rs 80 lacs this FY 24-25, can I claim full cap. Gain tax exemption if I invest the proceeds in a new flat costing 2.80 cr.????
In such a case the LTCG u/s 54 F claimed last year will be added back this FY 24-25 at the new tax rate of 12.5 % ????
At any point of time i will have only two flats
Old One purchased in 2004
and one purchased in aug 2023 against sale of equity ( section 54 f benefit claimed) in fy 23-24.
If I sell my old 2004 flat for 2 cr and sell some equity ( long term) rs 80 lacs this FY 24-25, can I claim full cap. Gain tax exemption if I invest the proceeds in a new flat costing 2.80 cr.????
In such a case the LTCG u/s 54 F claimed last year will be added back this FY 24-25 at the new tax rate of 12.5 % ????
At any point of time i will have only two flats
26 August 2024
1. You can claim exemption under both these sections, provided you sell flat first, then the shares to invest in purchase of third flat.
2. If you purchase the flat after the period of two year from the sale of the shares sold in 2023-24, no liability of adding back the exemption claimed in 2023-24.
2. If you purchase the flat after the period of two year from the sale of the shares sold in 2023-24, no liability of adding back the exemption claimed in 2023-24.
26 August 2024
Thank you sir
Section 54 f (2) says exemption will be withdrawn if I buy another flat within 3 years. Is it true
Thanks
Section 54 f (2) says exemption will be withdrawn if I buy another flat within 3 years. Is it true
Thanks
26 August 2024
It is two years for purchase of the new flat. Three years is for construction.
26 August 2024
Thank you
That means if I buy this new flat by selling my 2004 flat and shares , then the previous exemption claimed will be added back as capital gains in current year AT WHAT RATE????
Thanks
That means if I buy this new flat by selling my 2004 flat and shares , then the previous exemption claimed will be added back as capital gains in current year AT WHAT RATE????
Thanks
26 August 2024
Though the clarification is awaited, but it should be at 12.5% rate.
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