54f(1) places one year restriction whereas 54f(2) 2 years LTCG
Ramesh Sawdawkar (2 Points)
13 July 2024
Pl clarify basic differences between 54f(1) and 54f(2) LTCG
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 13 July 2024
1. In first case it is the denial of applicability of the section, where as in second case it is the reversal of the deduction claimed.
2. Tax liability in first case is in the same year of sale of original asset. While for second case the tax liability arises when the new HP is purchased/constructed.
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