I bought a flat and paid for it in full. The GST and stamp duty along with registration charges are yet to be calculated by the builder. Registration is not likely before the end of the financial year. I have sold some shares to finance the purchase. How can I claim capital gains exemption under Section 54F?
Amit Maheshwari, Partner, Ashok Maheshwary and Associates replies, "Exemption u/s 54F can be availed within a year before or two years after the date of transfer of shares (assuming these are held for long term i.e. one year if these are listed shares and 2 years if unlisted) or within three years after date of construction of a residential house in India. One crucial condition is you should not own more than one residential house at the time of sale of shares. Section 54F does not impose any conditions regarding registration of property. Unutilised capital gain, if any, should be deposited in the capital gain scheme till the due date of filing of tax return."