Yes, you can claim the deduction under section 54.
Section 54 or 54F
Hello I have purchased one house property in 2012 for 12.5lac. I have sold it in 2016 in 19lac. I assume i will be assessed in LTCG.My cost of purchase with index comes to 16.5 so my LTCG comes to around 2.5lac. I have put this amount in under construction property having construction agreement. can i claim in Section 54 or 54F ?
Asked 8 years ago in Capital Gains Tax
Please file your income tax return and provide the details of amount invested in under construction property.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
what is the difference in 54 and 54F ?
Asked 8 years ago
where I have to mention that it is under construction property in ITR-2
Asked 8 years ago
Section 54 F is used when you sale anything other than residential property and then invest in residential property.
54 is used when you sale residential property and then invest in residential property.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
You will claim deduction under section 54.
Section 54 is deduction if a residential property is sold and another residential property is purchased. While, under section 54F, any asset is sold and a residential property is purchased.
You will have to mention in ITR-2 that the property is under construction.
Trust this clarifies.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
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