Dear All,
I am confused about the benefits available for capital gains under section 54F.
Situation:
Capital gain- I have long term gains in stocks which I want to utilize to buy a house in Bangalore.
Current residential property: I have a property in Pune which is in Rent and I report the rent earned as "Income against Property"
Question: I am confused whether I will be able to claim capital gain.
Some articles https://www.caclubindia.com/articles/exemption-54f-income-tax-act-44074.asp point that I can.
Some places mention :Provided that nothing contained in this sub-section shall apply where the assessee owns on the date of the transfer of the original asset, or purchases, within the period of one year after such date, or constructs, within the period of three years after such date, any residential house, the income from which is chargeable under the head "Income from house property", other than the new asset.
Please guide me.
CAclubindia
