Hi, Here is my scenario : 1. Aug 2013 – My company granted RSUs to me in United States 2. Aug 2015 – the RSUs got vested for which I paid tax based on vested price 3. July 2018 – I bought a new under construction flat. entered into a sale agreement with Builder Total price of the flat was around 1 crore + GST 4. Jan 2019 – Home loan sanctioned from SBI of around 55 lakhs 5. As and when the construction phases were completed – part of the flat payment was released from bank loan and part of it was paid by me (From my savings and loan from my father) 6. April 2021 – Flat completed construction 7. details of last 2 payments – a. 17th Sep 2020 – Bank released 18 lakhs to builder ( no payment from my side to builder) b. 11th April 2021 – I paid 8 lakhs to builder (no payment from ban loan) With this the complete payment was done to builder 8. 7th July 2021 – Flat was registered to my name 9. 10th July 2021 – I took possession of the flat 10. 8th Dec 2021 -- I sold my shares in United shares – the capital gains from this was around 20 lakhs (calculated based on sale price – vested price) 11. Now can I claim tax exemption of this capital gains under section 54F. (that I used the gains for my flat purchase) If yes, can I claim full 20 lakhs for tax exemption? How much can I claim for exemption?
- Yes you can claim exemption u/s 54F
- Amount of exemption depends on the investment of net sale consideration into cost of new property. If cost of new property is more than the NET SALE CONSIDERATION then whole exemption would be allowed otherwise proportionate exemption would be allowed.
Hi
You cannot claim capital gain exemption in this case. The cost of acquisition to be considered in this case is July 2018 ( allotment of flat).
For claiming exemption against sale of shares, the property should have been purchased after 8 dec 20.
