{"id":6438,"date":"2021-12-16T15:47:20","date_gmt":"2021-12-16T15:47:20","guid":{"rendered":"https:\/\/msassociates.pro\/articles\/?p=6438"},"modified":"2022-09-08T17:59:05","modified_gmt":"2022-09-08T17:59:05","slug":"exemption-under-section-54f-of-income-tax-act-on-sale-of-any-long-term-capital-asset-except-residential-house","status":"publish","type":"post","link":"https:\/\/www.msassociates.pro\/articles\/exemption-under-section-54f-of-income-tax-act-on-sale-of-any-long-term-capital-asset-except-residential-house\/","title":{"rendered":"Exemption under section 54f of income tax act on sale of any long-term capital asset except residential house"},"content":{"rendered":"

Who can Claim:<\/strong>
\nThis section is only applicable for Individual assessee 
\nConditions to claim Exemption: <\/strong>
\na) Assessee should Purchase or construct a Residential house. 
\nb) The time limits for purchase or construction of Residential house: 
\ni) In case of Purchase:<\/em>
\n
\n<\/em>
\nii) In case of Construction:<\/em>
\n
\n<\/em>
\nMax. amount of Exemption is:<\/strong>
\na) The complete amount of capital gain can be taken as exemption, if:
\n Value of residential house<\/strong> >\/= Net Consideration from the sale of Capital asset<\/strong>
\nb) Only proportionate amount<\/strong> of capital Gain can be taken as exemption, if:
\nValue of residential house < Net Consideration from the sale of Capital asset<\/strong>
\nHow to calculate Proportionate Amount:<\/strong>
\nFormulae:<\/em>
\n
\nCertain other conditions for applicability of this section:<\/strong>
\na) The assessee should not receive any income<\/strong> under the head \u201cIncome from House Property<\/strong>\u201d (other than the residential house purchased or constructed for this purpose)
\nb) The Residential House should not be sold\/transferred within the Lock-in-Period (i.e. Three years from the Date of Purchase or from the Date of Completion of Construction)
\nc) The assessee should not have any other house property other than the residential house.
\nd) Assessee should not purchase another Residential house<\/strong> within 2 Years or should not have constructed another Residential house<\/strong> within 3 Years from the date of transfer of the capital asset.
\nViolation of any conditions:<\/strong>
\nThe amount of capital gain taken as exemption will be considered as an income received under the head \u201cIncome from Capital Gains\u201d in the Financial Year in which the conditions are violated.<\/p>\n","protected":false},"excerpt":{"rendered":"

Who can Claim: This section is only applicable for Individual assessee  Conditions to claim Exemption:  a) Assessee should Purchase or construct a Residential house.  b) The time limits for purchase or construction of Residential house:  i) In case of Purchase: ii) In case of Construction: Max. amount of Exemption is: a) The complete amount of capital gain […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6438","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nExemption under section 54f of income tax act on sale of any long-term capital asset except residential house<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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