Section 54F relief not be diluted by LTCL set-off under section 70
The Assessee1 an individual, filed a return for AY 2022‑23 declaring total income of about INR 49.54 Lakhs. During the year, he earned Long‑Term Capital Gain (‘LTCG’) of about INR 69.84 lakh from sale of equity shares and claimed exemption under section 54F of the Income-tax Act, 1961 (‘the Act’). He also incurred Long‑Term Capital Loss (‘LTCL’) of about INR 37.72 Lacs on sale of other equity shares and carried it forward in the return.