Section 54F

[umeshkumar jhawar]

The assessee has purchased flat worth 30.00 crore in FY 2022-23. Out of which payment of 2 crore made during FY 22-23 itself and 13 crore before filing of return for AY 2023-24 total benefit taken 15 crore for AY 2023-24 u/s 54 F. Now during current year he had made payment of 15 crore. Whether he can take benefit of Rs. 10.00 crore for current year as per proviso inserted by Finance Act 2023 against LTCG.

 

[Padmanathan KV]

I am assuming you have capital gains arising in both FY 2022-23 (AY 23-24) and FY 2023-24 (AY 24-25). Then, yes.
 

AI Summary

Individual Can Claim 10 Crore Benefit for Capital Gains Under Section 54F if Gains Arise in Both FYs An individual purchased a flat for 30 crore in FY 2022-23, paying 2 crore during that fiscal year and 13 crore before filing the return for AY 2023-24, claiming a 15 crore benefit under Section 54F. In the current year, they paid an additional 15 crore. They inquired if they could claim a 10 crore benefit for the current year under the proviso added by the Finance Act 2023 against long-term capital gains. The response confirmed that if capital gains arose in both FY 2022-23 and FY 2023-24, then it is possible to claim the benefit.