How to Save Long Term Capital Gains Tax (LTCG)

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.

asked Jan 21 '15 at 00:13 by Rahul Shinde 11


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.

answered Jan 25 '15 at 08:54 by Pankaj Batra 5.2k320

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Asked: Jan 21 '15 at 00:13

Seen: 1,273 times

Last updated: Jan 25 '15 at 08:54