Capital Gains query – Taxation – Trading Q&A by Zerodha

Hi,

I have the below scenario:
Sold property in October 2023. Capital Gains 60Lakhs. Will be opening Capital Gains account and deposit the gains before filing returns in September 2024.
I will be purchasing new property in 2025 calendar year first quarter approx. 2 Cr.
I have unrealized LTCG in Equity and Equity Mutual Funds.
Invested: 60L, Current Value: 1Cr.
I have unrealized gains in debt mutual funds. (more than 1 year)
Invested: 20L Current Value: 25L

1. Can I club section 54 and 54F, i.e. gains from property (60) and Equity and offset it against purchase of house property. I don’t have any other residential property.
2. Are debt fund gains eligible under section 54F?
3. What is the maximum amount of loan I can take to purchase the property assuming I am eligible for the loan amount? 60L will come from capital gains account. The balance can be taken as loan although I will be claiming equity LTCG (assuming we can club 54 and 54F) under section 54F?

Thanks in advance @Quicko

Is this “property” a Residential house or something else?
IIUC, Section 54F (and not 54) will be applicable if it is NOT a residential house.

Isn’t this already past the deadline for filing ITR (July 2024).
So can one claim 54F exemption even if the amount was not deposited within the deadline?

Are they held long enough to qualify as long-term capital gains?

The fraction of the payment towards the purchase of the residential property that you do not intend to pay on your own (eg. using the proceeds from the sale of your previous property, equity, debt-funds) can be paid using a loan.

Residential property

I am in the audit category, so deadline is Sep 2024.

I have few purchased in 2022 and some in early 2023.

I have some company shares listed in Germany stock exchange. Can I claim the capital gains to offset against the purchase of the new residential property?

Thanks @CVS @Quicko