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Section 54F. Sale of any LTCA and purchase or construction of RHP Video Lecture | Income Tax for assessment (Inter Level) - Taxation

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FAQs on Section 54F. Sale of any LTCA and purchase or construction of RHP Video Lecture - Income Tax for assessment (Inter Level) - Taxation

1. What is Section 54F?

Ans. Section 54F refers to a provision in the tax laws that allows individuals to claim exemptions on the capital gains made from the sale of a long-term capital asset (LTCA) if the proceeds are used to purchase or construct a residential house property (RHP).

2. What is the eligibility criterion for availing benefits under Section 54F?

Ans. To be eligible for the benefits under Section 54F, an individual must fulfill the following criteria: - The individual should be a resident of India. - The asset sold should be a long-term capital asset other than a residential house. - The sale proceeds should be invested in purchasing or constructing a residential house property. - The new residential house property should be purchased within one year before or two years after the date of transfer, or it should be constructed within three years from the date of transfer.

3. Can the exemption under Section 54F be claimed multiple times?

Ans. Yes, the exemption under Section 54F can be claimed multiple times. However, there are certain conditions that need to be met. The individual can only avail the benefits of this section once in their lifetime, except in cases where the new residential house property is sold within three years of its acquisition. In such cases, the exemption availed earlier will be considered as taxable income in the year of sale.

4. What is the tax treatment if the proceeds from the sale of LTCA are not utilized for purchasing or constructing an RHP?

Ans. If the proceeds from the sale of a long-term capital asset (LTCA) are not utilized for purchasing or constructing a residential house property (RHP), the amount of capital gains will be taxed as per the applicable tax rates. The exemption under Section 54F will not be available in such cases.

5. Are there any restrictions on the type of residential house property that can be purchased or constructed under Section 54F?

Ans. Yes, there are certain restrictions on the type of residential house property (RHP) that can be purchased or constructed under Section 54F. The RHP should be located in India and should not be transferred within three years from the date of its acquisition. Additionally, if the individual already owns more than one residential house property on the date of transfer, they will not be eligible for the benefits under Section 54F.

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Dec 20, 2024 Last updated

Video Description: Section 54F. Sale of any LTCA and purchase or construction of RHP for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation. The notes and questions for Section 54F. Sale of any LTCA and purchase or construction of RHP have been prepared according to the Taxation exam syllabus. Information about Section 54F. Sale of any LTCA and purchase or construction of RHP covers all important topics for Taxation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Section 54F. Sale of any LTCA and purchase or construction of RHP.

Introduction of Section 54F. Sale of any LTCA and purchase or construction of RHP in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & Section 54F. Sale of any LTCA and purchase or construction of RHP in Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for Taxation Exam by signing up for free.

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	Income Tax for assessment (Inter Level) 405 videos\|72 docs

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