Investment in residential house can exempt long term capital gain if invested within prescribed timelines, subject to ownership and utilisation conditions. Section 54F exempts long term capital gain on transfer of non residential capital assets where the net consideration is invested in a single residential ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Investment in residential house can exempt long term capital gain if invested within prescribed timelines, subject to ownership and utilisation conditions.
Section 54F exempts long term capital gain on transfer of non residential capital assets where the net consideration is invested in a single residential house within prescribed timelines; full exemption applies if cost equals or exceeds net consideration, otherwise a proportionate exemption is allowed. The exemption is excluded if the assessee owns or acquires any other residential house yielding income chargeable under house property. Unused net consideration must be deposited in a notified scheme before filing the return and will be treated as cost; failure to utilise it within the prescribed period renders the previously exempt gain taxable.
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