Anushka Rathod Instagram – Stop Dreaming and Start Planning
For your dream house now!!
Check out the whole reel to know.
Small rectification: The section discussed in the reel is Section 54F. in the beginning, I have misspoke it as Section 54.
So, Capital gains from sale of assets like shares, mutual funds, jewelry etc. is taxable
But if you reinvest the sale proceeds in buying or building a house, then under section 54F, capital gains can be exempted.
For more details, Continue Reading-
1. To get full exemption, invest all sale proceeds. If not, exemption is partial. Formula: Exemption = (Cost of new house Ć Capital Gains) / Sale Receipts.
2. To claim the exemption, you must buy a house within a year before or two years after selling the asset. If constructing, finish within three years from the sale.
3. New house should be held for at least three years.
4. Maximum amount of house property that can be purchased that will be considered for deduction purpose is 10 crores.
5. The new residential house should be in India
You canāt claim the deduction if.
1. You already own more than one house (excluding the new one) when you sell the original asset.
2. You buy another house (not the new one) within a year of selling the original asset.
3. You build another house (not the new one) within three years of selling the original asset.
Disclaimer: These are just general guidelines; tax rules are complex with a lot of terms and conditions and individual situations may vary. Consult your CA for personalized advice. We have assumed long term returns of 12%, actual returns may vary depending on the market situation.
[anushka rathod, finance, investments, tax planning, tax saving]
#anushkarathod #finance #investments #taxsaving | Posted on 17/Feb/2024 20:00:33
