Query regarding deduction u/s 54F against the long term capital gain
This query is : Resolved
06 July 2022
Dear Sir,
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.
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.
07 July 2022
Sir,
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.
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.
Against which fill capital gains exemption schedule claiming 54F exemption by furnishing details of new property purchased.
09 July 2022
Sir,
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.
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.
09 July 2022
No, that's not correct . After filling all capital gains total amount will appear agaist which claim single 54F deduction.
12 July 2022
Sir,
If I'm claiming the deduction in the manner described by you above, the following error is showing in the ITR :-
"Deduction u/s. 54F claimed here (Table D) should match with total of deduction(s) claimed in respective asset."
Pls guide us the manner of filling it in the ITR so that afterwards the ITR may not become defective.
If I'm claiming the deduction in the manner described by you above, the following error is showing in the ITR :-
"Deduction u/s. 54F claimed here (Table D) should match with total of deduction(s) claimed in respective asset."
Pls guide us the manner of filling it in the ITR so that afterwards the ITR may not become defective.
12 July 2022
In such a case claim deduction in respective assets and claim in table D.
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