Can You Claim Section 54 and 54F Exemptions Simultaneously?
Section 54 and Section 54F of the Income Tax Act, 1961 (the Act) provide for exemption from tax on long-term capital gains (LTCG) arising from the sale of certain assets, subject to certain conditions. Section 54 provides for exemption on LTCG arising from the sale of a residential house property, if the taxpayer invests the sale proceeds in a new residential house property within a specified time frame. Section 54F provides for exemption on LTCG arising from the sale of any asset other than a residential house property, if the taxpayer invests the sale proceeds in a new residential house property within a specified time frame.… Read more