We are four sisters having a site of 4800 sq feet ( cost of purchase of site was Rs.320000, purchased on 10-12-2000 ) jointly in Bangalore. We gave the property to joint venture and in return of site we each got one flat in an apartment. (Market price of 4 flats now is 80 Lakhs)
We have made a partition deed and one flat has been in my name and it has been given to rent.
I do own 50% share in existing house where i reside from past 25 years.

Can i claim CAPITAL GAINS exemption under 54 / 54 F. please help


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  • Capital gains tax can be avoided by using provisions of section 54F.
    Consult a taxation expert who will guide you.
    with details as understood,i can only give general advice.
    you must get into specifics-date of purchase,date of sale etc.
  • Sir,
    Thanks for the reply. Here i am writing the detail of our property.
    We had given our vacant site to joint venture on 21-october-2011 and I got one flat in an an apartment on 30-november-2012. (the site was purchased on 10-02-2000)
    Can we claim capital gains exemption under section 54 and 54 F of Income tax.
    Can the exemption also be claimed if the house is given for rent.
    I have one home in which i am residing and i don’t have any other property in my name.
    Please help regarding the matter.
  • Section 54F will provide necesary exemptions for you.
    Please consult a tax lawyer with specific details,work out capital gains for sale of land and amount spent on buying flat if any.
    Giving house on rent will not affect your entitlement for capital gains.
    Prima facie you are entitled for some relief and exemption.
    BUt specialist advice is safe option.
  • Date of allotment is key in under-construction flat
    CBDT has clarified that this date is important for re-investment of capital gains from a property to qualify for tax exemption under Section Date of allotment is key in under-construction flat | Business Standard

    All those who are interested in knowing about Capital Gains Tax should read this link
  • Did your builder made agreement to sale/sale deed while trf of the Flats in your name??
    if yes then whats the Stamp Duty Valuation of the flat entered into the contract??date of agreement??
    is there any Payment from builder recd in your bank account if yes then how much and most imp sale date of plot to the builder??
    because you will be having time limit to avail exemption u/s 54F... and as vaibhav said above date of alotment is also imp which is ascertained by OCcupancy certificate....
  • Tax-saving investment can be done within calendar month
    Taxpayers need not invest proceeds from sale of property strictly within 180 days from date of sale to get exemption under Section 54EC.
    Those tax payers who wish to save taxes on LTCG can read this link for ood info.All credit to business standard for good article on the subject:
    Tax-saving investment can be done within calendar month | Business Standard