Long term capital gain exemption u/s 54 series.

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  1. I will sell my house property in Nov 2016. I want to invest this long term capital gain in buying house. What should be the time frame, between which I must pay the amount, for buying the flat/house, to avail income tax exemption u/s 54 series. What are other condition for this exemption.
  2. Shivangi Garg

    Shivangi Garg Member

    Exemption of long term capital gain from sale of residential house
    Time frame:
    1) Buy flat/house within a period of 1 year before date of transfer or within 2 years after the date of transfer.
    2) Construct house within 3 years from date of transfer.

    Conditions for exemption:
    1) Only 1 residential house can be purchased and it should be located in India.
    2) If the amount of capital gain has not been utilized for purchase/construction of property before the due date of furnishing the return of income (i.e 31st July 2017 in your case) then its has to be deposited in any public sector bank or IDBI bank (except rural branch) in accordance with Capital Gain Account Scheme,1988.
    V K Khanna likes this.
  3. Thanks for the information.
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