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FAQs
What is the primary purpose of Section 54F of the Income Tax Act?
Section 54F aims to provide a tax exemption on long-term capital gains arising from the sale of assets other than residential properties if the proceeds are reinvested in a new residential property.
Who can avail the benefits of Section 54F?
Any individual or Hindu Undivided Family (HUF) selling an asset other than a residential property and investing the sale proceeds in a residential property can avail the benefits.
Are there any conditions on owning multiple properties to claim the 54F exemption?
Yes, the taxpayer shouldn't own more than one residential property at the time of the sale, excluding the new one being purchased or constructed.
How long do I have to reinvest the proceeds from the sale to claim exemption under Section 54F?
You have a window of one year before or two years after the date of sale to buy a residential property, or three years if you're constructing a new property.
Is it necessary to invest the entire sale proceeds or just the capital gain amount?
For Section 54F, the entire sale consideration must be reinvested, not just the capital gains.
What happens if I don't invest the entire sale proceeds in a new property but still want to claim the exemption?
If you invest a portion of the sale proceeds, the exemption will be proportionate. It will be calculated based on the amount invested relative to the total sale proceeds.
Can I invest in multiple properties to avail the exemption under Section 54F?
No, the exemption under Section 54F is available only if the sale proceeds are invested in one residential property.
What if I sell the new property within a short period after purchasing or constructing it?
If the new property is sold within a period of three years from its purchase or construction, the exemption claimed under Section 54F will be revoked.
What happens if I don't utilise the entire proceeds before filing the tax return?
If you don't utilise the entire proceeds before the due date of filing the tax return, the unutilized amount should be deposited in the Capital Gains Account Scheme. This amount should then be used to purchase or construct a property within the specified time frame.
Are NRIs eligible to claim an exemption under Section 54F?
Yes, Non-Resident Indians (NRIs) are also eligible to claim an exemption under Section 54F, subject to the same conditions and provisions as resident Indians.
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