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Capital Gains Tax on Property - Section 54, 54EC, 54F of Income Tax Act
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- Опубліковано 8 сер 2024
- Short-term and long-term capital gains tax on property and land explained and how to save tax under sections 54, 54EC & 54F of the Income Tax Act.
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Property is a capital asset just like Shares, Mutual Funds, Bonds, Gold, etc. Long Term Capital Gains Tax saving can be done for residential house property, commercial property, agricultural land, and any type of plot under the above sections of the income tax act. Let's have a look at some of these tax-saving tips
Time Steps
00:00 Introduction
01:33 Meaning of Capital Assets
02:40 Difference between long-term and short-term capital gain tax
How to save on Long-term capital gain tax on Residential Property?
04:45 - Section 54
09:20- Section 54EC
11:45- Section 54F
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संपत्ति और भूमि पर अल्पावधि और दीर्घकालिक पूंजीगत लाभ कर समझाया और आयकर अधिनियम की धारा 54, 54EC और 54F के तहत कर कैसे बचाएं।
संपत्ति एक पूंजीगत संपत्ति है जैसे शेयर, म्युचुअल फंड, बॉन्ड, गोल्ड आदि। लॉन्ग टर्म कैपिटल गेन्स टैक्स की बचत आवासीय गृह संपत्ति, वाणिज्यिक संपत्ति, कृषि भूमि और आयकर अधिनियम के उपरोक्त वर्गों के तहत किसी भी प्रकार के भूखंड के लिए की जा सकती है। आइए इन कुछ टैक्स सेविंग टिप्स पर एक नजर डालते हैं।
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In this video, we have explained:
What is the capital asset?
What is the capital gain?
Types of capital gain?
How to save tax under section 54, 54EC & 54F of Income Tax Act. ?
What is the Short term capital gains tax on property and land?
What is the long term capital gains tax on property and land?
What is the capital gain tax on re
How to save long term capital gains tax?
What are the important conditions for section 54?
Who can claim tax, under section 54EC?
Who can claim tax, under section 54F?
What are the important conditions for section 54F?
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Hope you liked this video “Capital Gains Tax on Property & Land in 2019 - Section 54, 54EC, 54F of Income Tax Act”.
Amendment - In section 54EC, assets that can be sold are land and building or both.
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Is the date of the registration considered the buying date or is it the booking date?
Hello Sir,
I have been watching your youtube video to gain knowledge about loans and economy. I wanted to get help in of prodcedure of school building loan. That would be very helpful if you can assist me in this. I wouldnt mind it to be paid. Tried contacting you through your website but couldnt find the way.
54ec and 54f clearly smjh nhi Aya sir
If I get a share in my parents property along with my siblings. What tax bracket do I fall under?
@@ariesha2012 no investment no tax.
Excellent video...very clear and to the point, devoid of unwanted boasting. I was looking for clarity on the different Sections, and exemption on purchase of new property(ies) and here I found all the answers. Thanks a lot!
Dear Asset Yogi, you upload all the prominent financial topics which concern a layman. Your presentations are fantastic and in simple words. Great.
कॅपिटल गेन फिफ्टी फिफ्टी पर्सेंट नाही और आर एस सी डाल सकते क्या
नाई बांडमे पैसा निवेश करते है जॉइंट अकाउंट चलता है क्या
क्या सभी बांड मेनोमिनेशन फॅसिलिटी है
Bow down to you,
I required specific knowledge on it at this time and suddenly your name came in my mind, you haven't disappointed me. Found a exact video I wanted.
Thank you. 💐
Glad I could help!
@Asset Yogi if I need professional advice, how to reach u?
Words are not enough to thank you for such detailed explanation about the content.
You are most welcome
Sir kya baat bahaut deeno ke bad aye ap video was marvelous. Ap dhanya ho sir🙏🙏🙏👌👌👌❤❤❤❤❤
Thanks from the bottom of my heart sir, for the insight given for capital gains tax.
Good
Excellent clarity!! Thank you very much for crystal clear explanation.
Hope it's helpful 😊
Thankyou for explicitly clarifying that only CG need to be reinvested into CGAS and not entire sale proceeds
Very informative which gives a clear understanding of what is Section 54, 54EC & 54F....Thank you sir for also adding Text & Clip Arts to it.
I was unaware of exemption of tax on sale of residential property, this video is very helpful.
Thanks Aniruddh 😊
Extremely well explained Which can be understood even by a layman This video has guided me very well Thanks a lot
You are most welcome
Very informative video.
Clearly and in detail explained all expects of tax savings.
Very well explained Sir... Actually, I was looking for alternative of 1031 exchange of US in India and then from your video I came to know that Section 54 and 54 F is exactly the same with better time benefits but several restrictions. Thanks a lot for your in depth explanation...
I
Hi Sir, time limit you mentioned is 1 year back and 2 year forward for long term capital gain, 1 year back confuses me, my confusion is "this one year back refers to buying a residential flat exactly before (within) 1 year from date of selling a residential plot" OR "this one year back refers to buying a residential flat at least 1 year of before of selling a residential plot", any response would be highly appreciated 👍👍 to be more clear for example if i am planning to sell a residential plot in may 2022 and planning to buy a residential flat now in March/april 2022 and later planning to pay partial bank home loan after selling a plot in may 22, would I be eligible for exemption or not...as I am consumed with 1 year period. The above scenarios is exempted or it would be exempted only if I buy a flat now and selling should happen of another land plot after 1 year.
Tax.nhi sarkari loot
श्रीमान जी, क्या एक प्लाट जो मैंने पांच वर्ष पहले ख़रीदा था उसे बेचकर कोई दूसरा ज्यादा कीमत का प्लाट ही खरीदते हैं तो क्या कैपिटल गेन टैक्स की छूट से ० 54Ec के अंतर्गत मिल पाएगी?
Really informative content. Keep up the good work 👏.
Best wishes from Team Fintaxpro 🙂
Agar 3 salke andar property kharedi nahi kar sake to kya?
Amazing video. Extremely useful information. Explained in a detailed and easy manner. Asset Yogi is the best
Quite innovative and educative. Excellent presentation Saju George.
Excellent explaination. Beautifully presented.
Very well explained. For claiming exemption under Section 54, is there any restriction on the number of residential properties owned? If a persons owns 3 or 4 residential properties and sells one, will he be eligible to claim exemption?
It's amazingly lucid how well u explain things not easily understandable
Luv u man for this 💞
Thanks Yash
Information is very very useful to everybody, ur way of explanation is very, simple, point to point, thank you u sir !!!!!!
Keep learning 😊
Great Video... Clears up lots of doubts... Just one question - "when we collect the sales proceeds from the buyer, is it mandatory for the buyer to withhold TDS @ 20% .... or whether we can take advantage of Sec. 54(f) and put the entire proceed in Capital Gain Account "
Great video for clearing doubts about capital gain income.
Nicely explained....keep up the good work Mukul.
Thanks. The video is really helpful. Can you share a video on the calculation of capital gain for a house property bought in 1980s?
U r the best sir!... Tons of thanks from my side for such valuable playlists on your channel
If I sell ancestral property purchased by my grand father can I get indexation benefit. The property is transferred to my name.
@@mauriceandrade8483 Yes you can
If any asset is acquired as per Sec 49(1),i.e by gift/will/succession/inheritance then your Cost of acquisition will be taken as Cost to previous owner. And you can take indexation benefit from the date the previous owner acquired the asset
Oh Sir!
U r presentation is more effective n masterly. Unlimited knowledge, u deserve 100 salutes. B blessed n thnx for sucha nice clip.🙏
If I purchased new property 3 years back and got possession this year and sold old property within 1 year after possession of new property then can I claim tax exemption based on possession date?
Sir,
You are a GENIUS.
Such a Beautiful explanation
Nicely explained on subjects. It's Very informative.
Sir, you have really explained so nicely that I highly admire you, appreciate you. You have done a Commendable job. Kindly explain how to Calculate Long/Share Term Capital Gains on Properties. Thanks.
Excellent Explanation Sir,
I have a question, What would happen if the assessee is not able to construct the plot within 3 years under 54F due to a delay from the builder or authority in handing over possession?
Very Nicely explained !!
बहुत बहुत धन्यवाद सर इस महत्वपूर्ण जानकारी के लिए।
Keep watching Satya
As mentioned in the Act under Section 54EC Bonds can be purchased only in case of profit from sale of house property and land.
But as you have mentioned that in case of profit from shares and mutual funds Section 54 is applicable. Please clarify on this matter. Thanks.
Thank you for this vedio. I have invested my money in capital gain after selling my flat. Its a long term capital gain. But I don't want to purchase a flat. Pls let me know how can I withdraw my money from capital gain account.
Very informative, lucid, clear presentation. Excellent.
Glad it helped!
Jamin registered in 1990,no mutation done till now.please explain about the legal status of the land and what is the process of mutation after more than ( 30) thirty years.
years
Thanks for this Capital gain lecture. God bless you.
Very nicely and systematically explained! Thank you.
I hope this will be useful Rohit Das :)
Amazing video as always. Really, whenever any of my friend asks me solution about any financial problem, I gives the link of your video (connected matters) to them. :) Sir if possible , kindly made a video that how to file income tax return (mentioning Gain from stock market / mutual fund etc) with other salary income. Thank You so much of this valuable information.
योगी जी बहुत सुन्दर।अपने बहुत अच्छे से समझाया। धन्यवाद।
Dr Nimboria kk
Very clearly and briskly explained. Very informative indeed. Well done.
Glad you liked it
Please advice incometax on capital gain tax as per consumer price index 2003&2022
Sir let me know how the tax can be saved on selling the ancestral residential property
Very nice and totally immense help to people.
Thanks Kamlesh
Bahut zabardast information presentation.
Thank you for a very clear explanation
बहोत ही बेहतरीन विश्लेषण मिळता है इस वडोस से ! कोई डाउट नहीं है समझनेमे ! अभिनंदन - ऐसी अच्ची जानकरी व्हीडिओ जारी करनेके लिये !💐👍👍
Dhanywaad :)
It's not clear at 11:45, you said that instead of bonds one can buy residential property?
If I sell a commercial property(holding >10 yrs) and buy residential property Worth the capital gains , can I do that without attracting ltcg?
Thanks for Valuable advise
I got clarified about many important points by your nice presentation. Though not related to Capital Gain and related taxation, I would request you to clarify following issue.
I am negotiating for sale of my house, and expect that the sale process will be completed within Sep/ Oct 2021. The prospective buyer claims that he has to deduct TDS @1% of the sale price. Is this correct? In that case, will this be reflected in Form 26AS? Further through which section and item of ITR2 this TDS will be adjusted with Total Tax of FY 2021-22 (AY 2022-23)?
I have sold my factory leased hold Midc land for 45 lakhs but the ready reckoner rate is 1.5 cr and registration is done on 1.5cr with stamp duty paid for the same amount now capital gains tax will be calculated on which amount..? I hve purchased agricultural land and shifting my factory on 2 acres of land how much capital gains I will be laible to pay pls advice
Thank’s
Very well explained.your narration is good.tks
Bahut Jaan Hain aap ki baat and looks mein.
Sir plz develop a video on G..S.T with benefits and loss
Can I construct a farmhouse in my own farm with the Capital Gain earned through the selling of land?
Why not.
Fantastic vedeo sirji complete information on capital gain tax and exemption.
बहुत अच्छा विश्लेषण किया है।
Hi, please recheck 54EC, as per my understanding, the capital assets which can be sold are only land or building or both (finance act 2018)
Yes. You are right. Pinning the comment.
Great content. It would be great if anyone can answer this question : If I buy a residential plot and construct an independent house in that plot with the proceeds, will this be considered as construction and do I get 54 or 54f exemption in that case.
yes but construction should be completed in 3 years
Two activity are separate so only consideration will get benefits, if you purchase house along with land then you will get benefits
Thank you so much sir it’s really beneficial topic very informative 🙏
Good advice. Thanks
Sir, Thank You for sharing such an informative video. It’s beautifully explained.
Please advise what do we mean by the term ‘House Property’ under section 54, 54F. Can purchase of residential land be considered as house property to save capital gain under section 54F.
Also, if I have a residential land in join name with my wife and I sell a non residential property , can I invest as per section 54F to save capital gain tax, as u stated that a person can hold only one residential property
Pl v
You explain the matter in your each video nicely.
Thank you very much Sir, your discussion has helped a lot.
Excellent clarity, in this video, Thank you very much. 👍🙏
You are very welcome
Shri Mukul Malikji from ASSETYOGI, dhanyawad for video.
I have a question on how far in the back can I purchase a property to avail tax benefit.
In my case, I bought (Sale agreement signed in Aug2018) a property (my second flat) from Godrej and they are planning to handover this flat in Sep2020. So the registration will happen sometime in Sep 2020.
If I sell my current house (first flat) in Jun2020 or after, will I be able to get long term capital gain by reinvesting money (after paying remaining loan of first house) in Godrej flat (my second flat). I will move from my first flat to second flat (Godrej flat).
One year back From the Sale date and after sale date up too 2 year purchase and 3rd for constitution
Bot badeya samjhate ho yarr....v good
sir,superb explanation,one question I have is when we do indexation I heard we can index on property improvement cost as well. Any guideline on how much amount we can show under that?
Very nicely explained in simple language. Thank you.
Hope it's helpful 😊
If a agriculture land sold and bought house property in urban but already having residential urban ,what tax would be implied .
If you sell a Rural agricultural land, no Capital Gains tax
If you sell an Urban Agricultural land, and purchase a Rural/Urban agricultural land within 2 years, you can claim exemption u/s 54B
Thank you sir for this knowledge
My.q is
I sold my old house which was on my fathers name
& now i want to purchase a plot & construct house on it with my father as co aplicant ,whitin 1 year
So can i get tax exmption...? Under section 54F
Very clear explanation.... Many doubts cleared. Thanks
Nicely explained, useful information!
Thanks 😊
For exemptions Capital gain, can I clear the home loan amount of my son who has purchased a flat on bank loan , May I get Benefit on tax exemption
I hv same questions plz help me
How to save tax when I purchase a
Under value property, means under the govt. value. Is there any option?
What is under Value Property?
Very well explained
Thanks for sharing the information with much details. I had a query as to by when we need to open a Captial gains account with bank to reinvest in the House propertyfrom SEc 54F
Listening you and found that how illiterate we are in financial matters. Thanks for sharing
Sir I have a ancestor property from 1917, In 2018 I demolished the old house and construct the comersial building by taking advance from purchaser , and also received door numbers from corporation in 2019, and same year I done sale deed for shops. Sir my question was whether it is short term or long term capital gain.
Long term
Good
Excellent video bro. God Bless You.
Good. Very informative.
I am sr. citizen & isold my plot in Aug.2019 for Rs.38,00,000.& was purchase in 2010 June for Rs 14,74,000 including stamp,registration ,brokarage,Adv.fee, mutation charge & construction of boundary wall. Now i would like to know that Whitch ITR form i s use for filling IT return for AY 2020-21 as LTCG to be shown in ITR.
ITR 2 assuming you dont have a business, if you have a business then ITR-3
Sir, I’ve crossed the time limit of LTCG account ie 2 years. What I have to do now?
Then the Exemption u/s 54 which was claimed by you earlier will be taxable in that year when two years lapse. However, if your time limit is exhausting during the lockdown period, then it is extended to 30.6.20
Sonali Gawde What if half amount property mein lgaya and half ka bond invest krdia tabh bhi tax exempt hojayega mam ?
@@sonali4026g
Hi, I have sold my residential house in 2010, to purchase new one. But deal couldn't final. My capital gain amount is still in Capital gain a/c .
Will u pl guide me what is the procedure to withdraw that amout. Thanks
@@manishadeshmukh5525 capital gain tax is to be paid in the previous year itself notwithstanding your agreement to sell in future.
So whenever you execute an agreement to sell mention the clause 'indeminity of capital gain'.
Hello sir. Nice information. I HV one query can I sell two residential properties and buy single residential property with tax exemption.
Thank you. Very much helpful. CA/Auditors did not explain so well. Great job sir.
You are welcome
All the good guidance given by you is valid till date as this video was posted 3years ago 🙏🏼
Thanks Gopaldas
Any latest changes by Govt
Sir suppose i had purchased a property amounting to 45 lacs and sold it at 65 lacs with 20 lacs capital gain after 10 years. The interest paid to bank during this period is 10 lacs. Please explain the capital gain is 20 lacs or 10 lacs because the total cost of house is 55 lacs including this interest amount. Also the period of property starts when it get registered or when we pay first installment to the builder because we get possession after 5 years.. thanks
You can also include inflation of 10 years in LTCG ( maybe you don't have to pay any tax )
Sir I'm big fan of you.. I have a question. I bought a car for 3L and sold for 2.14 L.. Can I claim that in IT return like loss...
Car is personal asset not capital
@@mehulpatel2494 thank you...
Commendable work by u sir, ur way of teaching is so simple and effective 👍😇🙏
Thanks a ton
Very well explained. Very clear voice
Sir sec54 is not clear. You said one cannot purchase residential plot from long term capital gain amount. But can purchase residential house / property to avoid tax. How come??? He will purchase residential house along with land only Or construct a property on land only . *please clear*
Please clear.
Lots of confusions on this issue , Better talk to a CA related to this
As for me, I have asked my CA regarding the same , he said I can purchase a constructed house within 2 years or purchase a plot and then construct a house within 3 years
That way I can save any kind of capital gains tax
This is an outstanding video - crisp, perfect animation and to the point. Well done Asset Yogi.
Thanks for appreciation 😊
very helpful, thanks
Very informative, thanks !
Keep learning 😊
Thanks . Your explanations are good and correct to law . Two additional sentences would have done a lot good under section 54 .
One can buy 2 properties with LTCG money , only if LTCG is less than 2 Cr . . Also buying 2 properties in LTCG ( less than 2 Cr ) is allowed ONLY ONCE for any individual .
You might have omitted above points because, in the example you have shown the LTCG is less than 2Cr . But to add the comments above would have cleared all doubts . Thank you again .
Very useful information. Thanks a lot !
Keep learning Kavita
Excellent presentation - 🎉
Smart presentation at good pace and covered almost all the information.............. Precise and to the point, Good job sir
If I sell my house after 30years and give equall amount to my two sons for buing flates,should I be the responcible for tax on recieve amount?
You have to clear your taxation and then donate to son or whoever
Thank you bahut acche samjhaya
Hi - Good morning! A simple query about capital gains of sale of two flats. Whether we should sell both the flats in same financial year or in two financial years to save LTCG for purchasing one new flat?
With effect from Assessment Year 2020-21, a taxpayer has an option to make investment in two residential house properties in India to claim section 54 exemption. This option can be exercised by the taxpayer only once in his lifetime provided the amount of long-term capital gain does not exceed Rs. 2 crores.
Can he take benefits , multiple times by selling one and buying again one residential with LTCG.. once in life time is only restricted to selling one and buying 2 residentials... kindly confirm