Section 54 - 1 Year Prior RHP

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Ankur Aggarwal (Querist)
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12 November 2024 Hi,

I had bought a RHP1 on 04/01/2024 (FY 23-24) for 50 lakhs. I have sold a RHP2 on 10/11/2024 (FY 24-25) and computed a capital gain of 45 lakhs.
1. Can I take exemption u/s 54 by showing the capital gain of 45 lakhs in RHP1?
2. Any particular details to be mentioned in ITR of FY 24-25?

Thank in Advance.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 November 2024 1. Yes, you can claim the exemption u/s. 54 IT act.
2. Relevant columns to be filled in ITR of AY 2025-26, Schedule CG, along with exemption claimed in column 54. Nothing can be declared in ITR of AY 2024-25.