Long Term Capital Gain exemption ON SALE OF MUTUAL FUND INVESTED IN PURCHASE OF FLAT
This query is : Resolved
05 June 2024
Mr A has booked Flat in 2018 under subvention scheme (where no EMI till possession) .
Till date out of 75 lakh he had paid only 5 lakh and for balance 70 lakh loan emi will start after possession.
Flat possession is likely to get in March 2025.
Mr A is having long term mutual fund gain about 50 lakh .
Can he sold mutual fund them and repay loan in Mar 25 and claim for income tax as long term gain invested for purchase of flat ?
Please advise
Till date out of 75 lakh he had paid only 5 lakh and for balance 70 lakh loan emi will start after possession.
Flat possession is likely to get in March 2025.
Mr A is having long term mutual fund gain about 50 lakh .
Can he sold mutual fund them and repay loan in Mar 25 and claim for income tax as long term gain invested for purchase of flat ?
Please advise
05 June 2024
Yes, he will be eligible, if done before getting possession.
05 June 2024
Hello Dhirajlal Sir,
In the apparrent case how will he fall under Sec 54F clause,
Since he has not purchased a ready flat 1 year before the sale of Asset nor he is purchasing a ready flat within 2 years after the sale of asset, as he already done purchased a under construction property 6 years Back i.e. 2018.
How will he be eligible u/s 54F
In the apparrent case how will he fall under Sec 54F clause,
Since he has not purchased a ready flat 1 year before the sale of Asset nor he is purchasing a ready flat within 2 years after the sale of asset, as he already done purchased a under construction property 6 years Back i.e. 2018.
How will he be eligible u/s 54F
05 June 2024
I rely upon....
https://taxguru.in/income-tax/section-54-purchase-date-possession-flat-assessee-pays-final-consideration.html
https://taxguru.in/income-tax/section-54-purchase-date-possession-flat-assessee-pays-final-consideration.html
05 June 2024
Ok Sir thank you sharing the judgment .
05 June 2024
So if in case it is taken up for assessment, it wont be allowed at lower level I guess.
05 June 2024
We can claim at least 70 lakhs on lower side.
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