Web1 Mar 2024 · Under Section 54F of the Income Tax Act, an individual after selling a residential property can avail tax exemption from Capital Gains if the capital gains are invested in the purchase or... WebAs per Section 54F of the Income Tax Act, 1961, the long term capital gains earned by selling a capital asset except a house property can be exempted from tax subject to the given condition. The capital assets comprise bonds, gold, shares, and other such items.

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Web16 Feb 2024 · Under section 54F, the returns made from the sale of the capital asset are permitted as a tax deduction. Instead, the profits would become taxable if the sale proceeds were invested in any other asset. The exemption under section 54F is not possible. However, certain predetermined requirements should be met to obtain this tax benefit. Web6 Dec 2024 · (1)This section applies if HMRC are required to undertake a review under section 54C or 54E. (2)The nature and extent of the review are to be such as appear appropriate to HMRC in the... kg-based recommendation

Capital gains - Exemption from tax u/s 54 & 54F - CAclubindia

Web*Section 54F cannot be denied even if the assessee fails to fufill the requirement of depositing the Gains in Capital Gain Scheme Account*… Web10 Apr 2024 · Facts- An intimation was made u/s 143(1) of the Act on the assessee for the impugned return filed, raising a tax demand of Rs.8,77,664/- denying grant of relief under section 89(1) of the Act. Interest under sections 234A/B/C was included therein amounting to Rs.1,02,679/- resulting in aggregate tax liability raised on the assessee of Rs.9 ... Web29 Mar 2024 · Sections 54 and 54F of the Income Tax Act, allow one to claim exemption from tax on long-term capital gains, if the same is used for the purchase or construction … k g bathrooms