Section 54F of Income Tax Act: Definition, Exemption, & Example

Section 54F of Income Tax Act offers a valuable exemption on long-term capital gains arising from the sale of residential property, provided the gains are reinvested in a new residential property. This deduction under Section 54F, subject to specific conditions, is a good tax-saving scheme among taxpayers aiming to reduce their tax liabilities through strategic reinvestment. Recently, the Income Tax Appellate Tribunal (ITAT) Delhi allowed taxpayers the flexibility to claim multiple-year exemptions under Section 54F for under-construction properties, enhancing the benefits of this provision.

Here we provides detailed information regarding the Section 54F of Income Tax Act, its benefits, conditions to avail exemption under Section 54F, and more. Make use of Section 54F Exemption to reduce your tax liability & file your ITR efficiently with IndiaFilings ITR experts!!

Read More