Section 54f of Income Aax act

Iiflinsurance23 Nov, 2021Finance

Section 54F of Income Tax Act 1961 is provides an exemption of income tax capital gains arising from the sale of long-term assets other than a residential property and investing the same in the purchase or construction of a residential property. Section 54f of income tax act conditions A tax-paying citizen of India can claim an exemption if he/she fulfils the below-mentioned conditions: The taxpayer must be a HUF or an individual. No exemption is available for any company or an LLP The property that is sold should be a Long Term Capital Asset other than housing or residential property It is important to note, that the taxpayer must not own in his name more than one house or property on the day of the sale