What if i square off LTCL against sale of residential plot. while filing ITR (by showing equal amount of receipt & purchase amount of said residential plot).
LTCG exemption under section 54f on transfer of multiple plots
Page no : 2
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177801 Points)
Replied 23 July 2022
Yes, you can deposit 7 Crs, in CGAS, 1988 to claim exemption u/s. 54F by investment in any single residential property.
The loss in residential property will reduce the LTCG by 10 lakhs. It will not add total sale consideration.
rahul rana
(CA)
(110 Points)
Replied 23 July 2022
Thanks a lot sir. you got a very rich experience. There is so much to learn. 🙏
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