Can an individual claims section 54 or 54F many times or is it just once a lifetime thing? @Surbhi_Pal
Hi recently my father and uncle died and they had land in their name so basically after their all the names of children and wife got added and we sold the land all together the agreement value was 1 cr together and we got 1/3 of my father share in my ,my mother and sister account now I. Have purchased home on my name and all money I used from my mother and sister account to pay to seller but at the time of loan bank denied to add my mother and sister name due to bad cibil as they never took loan .Now the house is on my name and have loan.The questions is can I take claim u/s 54F . As the house is purchased and all amount is used for house and we did not have any house stayed on rent and our only home is stuck in redevelopment.kindly house to save tax and the agreement value of 1 cr is showing in every one Ais on income tax site Can I claim 54f deduction or not ?
Hi,
I sold shares worth Rs. 12 lacs in last FY. Out of this, on shares worth Rs. 10 lacs I made a profit of Rs. 5 lacs. On the remaining Rs. 2 lacs, I lost 50K. I am planning to claim deduction u/s 54F. The clarifications I seek are:
- Do I need to invest entire sale proceeds of 12 lacs or only Rs. 10 lacs on which I have booked LTCG.
- If so, will I be able to carry over Rs. 50K Long term losses to the next year.
Another clarification, for some reasons, if I am not able to file my ITR by 31st July, will I still be able to claim deduction u/s 54F provided I have already invested the entire amount before 31 July
Hey @Ankit_Sharma,
You can claim deduction under Section 54 for the amount proportionate to your profit share in the property that was sold.
Hey @Hchopra,
The net LTCG will be 4.5L for the financial year. You can claim an exemption under section 54F and in order for the entire LTCG of 4.5 to be tax exempt youâll have to invest the entire sale proceeds.
Hi Surbhi,
While claiming deduction under 54F in section D of ITR- âInformation about deduction claimed under capital gainsâ , the ITR form asks for an account number and ifsc code as a mandatary fields. Not sure how to fill this as I bought the house first and sold shares later (within one year) so there is no deposit to be made in any capital gains account scheme etc. Without filling these account detail , it doesnât accept the entry. Kindly advise. Thanks
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@TeamQuicko while filing itr3 via Quicko, where do i find section to fill details of capital gain account deposit.
Hey @Shashank_Pandey,
Section 54 deductions are not supported on Quicko. Alternatively, you can download the JSON File and use the income tax utility to add this deduction and file your ITR.
@Surbhi_Pal when do I have to deposit the money in capital gain account scheme to claim deduction under section 54F. Like I have around 15lakh long term profit in my demat account and if I book it today when do I have to deposit this money and if it is to be deposited while filing my return (which would be next year before 31July 2025) until this time can I use my long term capital gains freely.
Dear Shurtika
Suppose home loan taken 8 years back but agreement and possession is within prescribed time of 2/3 years , then also exemption is not available?