New Delhi, March 15 -- -Name withheld on request.

You would not be eligible to claim the exemption under Section 54F of the Income Tax Act against the capital gains on sale of units of MFs, on repayment of housing loan, as the residential property has been acquired more than one year before the date of transfer of the MF units.

While repayment of a housing loan undertaken for the purchase of a residential house can be considered towards exemption under Section 54F, such exemption is available only if the residential property is acquired within one year before or two years after, or constructed within three years after the date of transfer of the asset whose gains are sought to be exempt. In your case, as the property was acquired in 202...