Ask a question: 

What is section 54f of the income tax act?

Category: what | Last Updated: 9 days ago | Views: 42

ANSWER

Sections 54 and 54F of the Income Tax Act, allow one to claim exemption from tax on long-term capital gains, if the same is used for the purchase or construction of a house within specified time limits.

What is Section 54F of the Income Tax Act?

What is Section 54F of the Income Tax Act? The income tax law provides for certain situations where such capital gains will not be subject to tax. Section 54F provides one such exemption. In the case of an assessee being an individual or a HUF, if the capital gain arises from the transfer of any long-term capital asset, not being a residential

What is Section 54EC of The Income Tax Act? However, there are certain exemptions available under Section 54, Section 54B, Section 54EC and Section 54F of the Income Tax Act 1961. As of FY 2018-19, exemption under Section 54EC applies only to transfer of long term capital assets specifically land, building or both. What is …

Was this answer helpful:  

Share:

Please let the audience know your advice:

PEOPLE ALSO ASK