Hello Team,
I liquidated my Mutual Funds on 18th July 2024 to buy a ready to move in flat which was registered on 31st Aug 2024. I incurred Long term capital gain in the year 24 - 25 as I sold off my MF for buying the flat plus for my portfolio rebalancing. Can I offset the MF capital gains incurred, against the property I purchased in Aug 2024? The new house is in Joint name with my wife. Also, I have another flat in my name bought long back about 10-12 years back
Thanks - Amit
Yes, You can claim exemption under section 54F and offset MF Capital Gain incurred against the property. The exemption is availiable to the extent of sale proceeds ( liquidated amount from MF) invested towards purchase of flat.
The amount paid out of your Bank Account , you can claim even if the new house is in joint name with wife.
You can have one more residentail house in addition to the new house purchased for availing exemption .
Hello @jainamit22,
Yes, you can claim an exemption on long-term capital gains from the sale of mutual funds under Section 54F. This exemption is applicable even if the new residential property is jointly owned with your wife. Additionally, you are allowed to own one residential property at the time of the asset transfer.
Thank you!