Section 54F exempts LTCG on:
AAll assets
BOnly listed shares (per relevant Section) (per relevant Section)
COnly land
DAny LTCA other than residential house, reinvested in residential house
Answer & Solution
Correct answer: D. Any LTCA other than residential house, reinvested in residential house
1. Section 54F exempts LTCG on transfer of any LTCA other than a residential house.
2. Net consideration must be invested in a residential house in India.
3. Assessee should not own more than 1 other residential house on date of transfer. From AY24-25: capped at Rs. 10 crore on new investment.
_Source: ICAI BoS CA Final Paper 7, Ch 4 "Capital Gains"_
Related questions
'Equity-oriented fund' for Sections 111A/112A requires equity in domestic listed companiesCII for FY 2024-25 (AY 2025-26) is:Section 54B exemption requires:Capital gain on self-generated goodwill is:Market-linked debentures (MLDs) under Section 50AA are taxed at:Reference to Valuation Officer by AO under Section:Conversion of capital asset to stock-in-trade — capital gain:Holding period of gifted asset includes: