Form 39 rule 54 income tax form 2026

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  1. Click ‘Get Form’ to open the form in the editor.
  2. Begin by entering your full name in block letters in the designated field.
  3. Provide your father's name in the next section, ensuring accuracy.
  4. Fill in your permanent residential address, followed by your present residential address.
  5. Input your professional address(es) in India and specify your principal place of profession.
  6. If applicable, indicate if you are a partner in a firm and list the firm's name along with other partners.
  7. Attach true copies of certificates verifying your accountancy examination and educational qualifications as required.
  8. Complete the section regarding your previous practice as an income-tax practitioner, including details of cases handled.
  9. Sign and date the application at the bottom, confirming that all information is accurate.

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Special Exemption: From Assessment Year 2020-21, taxpayers can claim exemption for purchasing two residential houses if the capital gain does not exceed ₹2 crore, but this can be availed only once in a lifetime.
Section 54 of the Income Tax Act provides exemptions from long-term capital gains tax, if you reinvest the capital gains in another residential property. You can either purchase another house within 2 years or construct one within 3 years from the date of sale. Exemption can be claimed up to Rs. 10 crore.
To claim exemption under section 54, the taxpayer should purchase another house within a period of one year before or two years after the date of transfer of old house or should construct another house within a period of three years from the date of transfer.
Log in to e-Filing portal and click Pending Actions Response to Outstanding Demand and you will be taken to Response to outstanding demand page. If there are demands outstanding against your PAN, the current status against each of the past / existing outstanding demands will be updated as Pending payment / Response.
Section 54 provides a tax exemption on long-term capital gains from the sale of a residential property, provided the proceeds are reinvested in acquiring or constructing another residential property within the specified timeframe. This exemption applies exclusively to long-term capital gains.

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Form 10-IEA is a declaration made by the return filers for choosing the Opting Out of New Tax Regime. An Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income must submit Form 10-IEA if they wish to pay income tax as per the old tax regime.
Exemption under Section 54 is allowed only for investment in one house property. However, the exemption can be claimed for the purchase or construction of 2 house properties if the amount of long-term capital gains does not exceed Rs. 2 crores.

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