{"id":2490,"date":"2019-11-04T16:55:27","date_gmt":"2019-11-04T11:25:27","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2490"},"modified":"2020-03-30T14:41:45","modified_gmt":"2020-03-30T09:11:45","slug":"section-54-of-the-income-tax-act-capital-gain-exemption","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/","title":{"rendered":"Section 54 of the Income Tax act- Capital Gain Exemption\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#What_is_Section_54_under_the_Income_Tax_Act_1961\" title=\"What is Section 54 under the Income Tax Act, 1961?\">What is Section 54 under the Income Tax Act, 1961?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#Conditions_under_Section_54\" title=\"Conditions under Section 54:-\">Conditions under Section 54:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#How_many_Benefits_US_54\" title=\"How many Benefits U\/S 54:-\">How many Benefits U\/S 54:-<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#Post_Claiming_Section_54_conditions\" title=\"Post Claiming Section 54 conditions:-\">Post Claiming Section 54 conditions:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#So_lets_look_upon_these_conditions_they_are\" title=\"So let\u2019s look upon these conditions they are:-\">So let\u2019s look upon these conditions they are:-<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#Key_points_to_remember\" title=\"Key points to remember:-\">Key points to remember:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#Conclusion\" title=\"Conclusion:-\">Conclusion:-<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Section_54_under_the_Income_Tax_Act_1961\"><\/span><b>What is Section 54 under the Income Tax Act, 1961?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When an individual sells a\u00a0 Long Term hold Residential property then the Capital Gain arises on the such House property is prima facie is eligible for charged to be Taxed. However, from Chargeability of Tax can be escaped if appropriately and With pre-planned condition fulfills that make the story of sec 54.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2494 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Section-54-Income-tax.png\" alt=\"Section 54 - Income tax\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Section-54-Income-tax.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Section-54-Income-tax-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/11\/Section-54-Income-tax-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">So Sec 54 is about exemption or benefit for claiming the exemption on the Long Term Capital Gain Arises on Long Term Capital Gain subject to fulfillment of certain conditions.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conditions_under_Section_54\"><\/span><b>Conditions under Section 54:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For availing the benefit under section 54, one has to fulfill the condition prescribed under section 54 that are below mentioned:-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The taxpayer (seller) needs to be an <a href=\"https:\/\/aktassociates.com\/blog\/hindu-undivided-family-taxability-benefits\/\">individual or HUF<\/a>.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The asset must be classified as a <\/span>long-term capital asset<span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The asset sold is a Residential House. Income should be classified under house property head, not any other head.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The seller should purchase a residential house either 1 year before the date of sale or the other option is\u00a0 2 years after the date of sale\/transfer.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In case the seller is constructing a house, then the seller will have to construct the residential house within 3 years from the date of sale\/transfer.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u00a0In the case of Acquisition by the Government either (central \/state Government), a period of acquisition or construction will be from the date of receipt of compensation from the Government against the Compulsorily acquired property. (whether original or additional compensation)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The new residential house should be in India. It is not applicable to the property are of residential nature located outside India<\/span><\/li>\n<\/ul>\n<p><b>Note:-<\/b><span style=\"font-weight: 400;\">These conditions are cumulative and have to be fulfilled simultaneously otherwise one can not claim it.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_many_Benefits_US_54\"><\/span><b>How many Benefits U\/S 54:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Amount of exemption under this section will be lower of the following:-<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/blog\/capital-gain-tax-deduction-sale-property\/\">Capital Gain<\/a> on sold\u00a0 Residential Property<\/p>\n<p>Or<\/p>\n<p>New Purchased Residential Property<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Post_Claiming_Section_54_conditions\"><\/span><b>Post Claiming Section 54 conditions:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It means that after claiming benefit under section 54,\u00a0 the Taxpayer has to fulfill certain Conditions called <\/span>Post Claiming Condition.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"So_lets_look_upon_these_conditions_they_are\"><\/span><b>So let\u2019s look upon these conditions they are:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><b><span style=\"font-weight: 400;\">No selling of Newly purchase Residential property till 3 years <\/span><span style=\"font-weight: 400;\">from the date of purchase or construction<\/span><\/b><\/li>\n<li><b><span style=\"font-weight: 400;\">Deposit in the Capital Gains Account Scheme till the Last due date of <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">Return filing<\/a> of Relevant Assessment year.<\/span><\/b><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/aktassociates.com\/business-compliance\/yearly-compliance\/it-return-filing\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2340 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png\" alt=\"Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Key_points_to_remember\"><\/span><b>Key points to remember:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It may be the situation where the cost of the new<a href=\"https:\/\/aktassociates.com\/blog\/nri-status-taxation\/\"> residential property<\/a> is lower than the total sale amount, then the exemption is allowed proportionately. However,\u00a0 For the remaining amount, you can reinvest the money under Section 54EC(REC Bonds) within 6 months.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prima facie,\u00a0 property must only be acquired in the name of the seller and not on anybody else\u2019s name. However as per certain case law under the Income Tax Act, it was held that Intention must be fulfilled that is Capital Gain amount must be properly utilized required by the section\u00a0 54 irrespective of the fact that Property is in the name of another person namely WIFE OR other Family or Relative\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The main rationale behind section 54 is to allowed Exemption benefit so even if in case\u00a0 If the Builder failed to hand over the property of new residential construction to the taxpayer within 3 years of purchase, the exemption is still allowed because the main object of utilizing the Capital Gain amount is fulfilled.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion:-<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is the Core benefit given by<a href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/\"> Income Tax Law<\/a>, where the Sellers are given benefit to claim under sec 54<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Section 54 under the Income Tax Act, 1961? When an individual sells a\u00a0 Long Term hold Residential property &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Section 54 of the Income Tax act- Capital Gain Exemption\u00a0\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/section-54-of-the-income-tax-act-capital-gain-exemption\/#more-2490\">Read more<span class=\"screen-reader-text\">Section 54 of the Income Tax act- Capital Gain Exemption\u00a0<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Section 54 of the income tax act- capital gain exemption\u00a0<\/title>\n<meta name=\"description\" content=\"Section 54 is about exemption or benefit for claiming the exemption 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