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Detailed-chart-of-Exemptions-under-section-54-54EC-and-54F-of-Income-Tax

 

Detailed chart of Exemptions under section 54, 54EC and 54F of Income Tax

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The assessee can claim exemption from long term capital gains on sale of residential house property, or any other assets (other than residential house property), Land or Building or both etc. are as under-

Particulars

Sec. 54 Sec. 54EC  Sec. 54F

Exemption available

Individual/ HUF

Any person

Individual/ HUF

Type of Capital asset

Long-Term

Long-Term

Long-Term

Eligible specific asset

A residential house property in India

W.e.f. F.Y. 2018-19, it should be land or building or both.

Any long-term capital assets other than a residential house property, the assessee should not have more than one house in his name at the time of transfer of original asset, income from which is taxable under the head “Income from house property”

Type of asset should be acquiring to get the benefit of exemption

One residential house property in India

Long Term Specified Asset, that is, Bonds of NHAI, IRFC & PFC etc. having lock in period of 5 years, the amount can be invested maximum of Rs. 50.00 lakhs in bonds

One residential Property in India

Time limit for acquiring the asset

a) If purchase:1 year before

or

2 years after or

b) If constructed within 3 years

Six Months from the date of transfer.

a) If purchase: 1 year before or

2 years after or

b) If constructed within 3 years

Relevant date for acquiring the new asset

From the date of transfer of house property, but in case of compulsory acquisition from the date of receipt of compensation.

From the date of transfer of long-term capital asset but in the case of compulsory acquisition from the date of receipt of compensation.

From the date of transfer of capital asset, but in case of compulsory acquisition from the date of receipt of compensation.

Amount of exemption

Investment in the new asset or capital gain, whichever is lower.

Investment in the new asset or capital gain, whichever is lower.

Amount of Exemption shall be equal to Capital Gains ÷ Net Consideration × Amount of Investment (if the entire amount of sale consideration is invested, can claim full exemption

Exemption revoked

If the new asset is transferred within 3 years of its acquisition. The amount is taxable as Short-term capital gain

The Asset which is purchased should not be transferred before 3 years but in case of specified bonds the period is 5 years

a) If the new asset is transferred within 3 years of its acquisition.

Or

b) if the assesses purchases, within the period of two years after the date of the transfer of the original asset. or

c) Constructs, within the period of three years, any residential house (the income from which is taxable under the head “Income from house property”).

The amount is taxable as Long-term capital gain

Amount can be deposited into Capital Gain Scheme

Yes

No

Yes

 



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