24 October 2023
I've a couple of queries around LTCG u/s 54F.
1. Can I keep non-LTCG funds as well in capital gain accounts? I want to do this so that the corpus to buy a home stays in one place. 2. My mother wants to transfer me shares w/o consideration as a gift so that I can buy a home. 2.a. Will LTCG be exempted when I sell these shares? 2.b. Should I expect any notices if I try to seek LTCG u/s 54F in this case? 2.c. Can I be denied the LTCG exemption because of any reason in the above mentioned case? 4. Do I need to get any clearance from assessing officer when I close my capital gain account? If so, how to get it done?
25 October 2023
1 Keep it in other deposit in the same bank. Documents required for release form capital gains account. 2a Not exempt. 2b No notice. 2c It can't be denied. 4 Not required. Show purchase agreement to the bankers.
CAclubindia
