Queries

Individuals, HUFs Can Claim Exemption Under Section 54 Tridiv Dutta, Guwahati I made a long-term capital gain (LTCG) of Rs 15 lakh from the sale of a flat (flat A), in 2022-23. I also invested Rs 60 lakh from my savings in a new flat, (flat C) in 2021-22. I had another flat (flat B) in my name at that time, which I sold in 2021-22 with LTCG of RS 12 lakh and invested the same in Section 54 EC bond, and showed it in my income tax return (ITR) for 2021-22. However, the registration of flat C has been done in my wife’s name. She is a homemaker, but has her Permanent Account Number (PAN). Tax was deducted at source (TDS) and I filed my ITR for flat C. Can I claim exemption of LTCG of Rs 15 lakh from the sale of flat A, while filing my ITR for 2022–23? You can claim benefit of Section 54, under the following conditions. You have to be an individual or a Hindu Undivided Family...