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Saving tax on long-term capital gains

Saving tax on long-term capital gains

The Income Tax Act has laid out exemptions under Section 54 and Section 54F to help taxpayers save tax on capital gains.

(1)Exemption under Section 54 is available on long-term Capital Gain on sale of a House Property.

(2)Exemption under Section 54F is available on long-term Capital Gain on sale of any asset other than a House Property.

To reiterate, both the exemptions are available only on long-term capital gains.

Common requirements between the two Sections:

  1. A new residential house property must be purchased or constructed to claim the exemption
  2. The new residential property must be purchased either 1 year before the sale or 2 years after the sale of the property/asset.
  3. Or the new residential house property must be constructed within 3 years of sale of the property/asset
  4. If you are not able to invest the specified amount in the manner stated above before the date of tax filing or 1 year from the date of sale, whichever is earlier, deposit the specified amount in a public sector bank (or other banks as per the Capital Gains Account Scheme, 1988).
  5. Only ONE house property can be purchased or constructed.
  6. Starting FY 2014-15 it is mandatory that this new residential property must be situated in India. The exemption shall not be available for properties bought or constructed outside India to claim this exemption.

Saving tax on long-term capital gains

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