I have a immovable property i.e., a land which was inherited to me after the death of my mother. I have sold it in to multiple parts & purchased only one flat whose cost is more than the sale consideration of all the properties sold. So, my query is whether I can claim the deduction u/s Sec. 54F in all the respective sold properties while showing it in the ITR as long term capital gain or the deduction is limited up to the sales consideration of one property only.
06 July 2022
Yes, you can claim the deduction u/s Sec. 54F in all the respective sold properties while showing it in the ITR as long term capital gain.
Pls tell me the methodology to divide the amount of deduction of one property purchased among all the properties sold. I mean to say how to fill the new property purchased in the ITR.
08 July 2022
Fill capital gains schedule and arrive at taxable capital gains. Against which fill capital gains exemption schedule claiming 54F exemption by furnishing details of new property purchased.
I have filled the amounts equal to capital gain arising on each six assets sold as deduction u/s 54F individually in each column. And the same has been claimed as aggregately also. Please guide us whether the same procedure is correct or not.
CAclubindia
