How to Save Long Term Capital Gains Tax (LTCG)

Rahul Shinde 1
Viewed 1028

I sold Plot of land for 16 lacs. and used Rs.16 lacs to purchase flat of Rs 80Lacs. In this flat me my son and his wife are co-owners and remaining amount(80-16)i.e.64 Lac is managed by my son and his wife through joint loan. can i claim exemption u/s 54F for Rs.16 as my contribution.

co-owner plot-sale section-54f long-term-gains
1 Answers

Yes, you can claim tax benefits u/s 54F, but there are some conditions for 54F applicability:

  1. You should not be owning more than one residential house property at the time of sale of plot.
  2. New residential property should not be sold in next three years of possession.
  3. Possession of new residential property should be received within two years of sale or with one year before sale of plot.
  4. In next three years, total residential house properties owned by you cannot be more than two.
Pankaj Batra5212
Related