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Capital Gain related

30 August 2020

I sold agriculture land (urban) in which 10 lacs arises as capital gain, can I get exemption on it if I purchase residential house from that amount ?

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2 Replies

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 30 August 2020

Yes, You can claim Exemption u/s 54F for Long term Capital Gain if you invest full Consideration received (total sale Amount) in new residential house property subject to conditions of Section. 54F Of Income Tax Act, 1961
1. investment is made within a period of 1 year before or 2 years after the date of transfer; or Construction within 3 years.
2. Assessee own only One house Property at that time other than this new property.
3. Can't sale New house property within 3 years.
4. Invest before filing return, otherwise deposit amount in Capital Gain Account scheme and than invest within time prescribed.