Section 54F of the Income Tax Act allows Individuals to claim an exemption on long-term capital gains (LTCG) earned from selling of long-term capital assets like jewelry, shares, and other capital assets except for house property. If such sale proceeds are reinvested for the purpose of purchasing or constructing a house.
You can claim 54F deductions by following below steps.
1. Inside your myITreturn login, goto Income > Capital Gain - Land and Building from the menu.
2. Add a record
3. Enter relevant details and then click on the 3 dots button to open section 54 exemptions.
4. Please click on ADD option.
5. Select section 54F and enter relevant details and Save.
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