Dear Friends, In this post I am trying to cover all the issue related to saving of tax under section 54 of Income tax act-1961 ,if an...
Dear Friends,

In this post I am trying to cover all the issue related to saving of tax under section 54 of Income tax act-1961 ,if any issue left of you have a different opinion than our you may please record in comment section.

As per section 54 capital gain arising from the sale of the long term residential property can be saved if we buy or construct a residential house property for long term form the capital gain amount.

Important points in this regard are given below

  1. Section benefit can be availed only by Individual and HuF assessee
  2. Sale should be of long term residential building or lands appurtenant thereto
  3. Income of house property should be chargeable under the head of "income from house property"
  4. Capital gain arising from sale of above said property will be saved up to the amount used in to
    1. purchase a residential house within year before the date of transfer of old house or within two year after the date of transfer of old house.or
    2. construct a house with in three year from date of transfer of old house property.
  5. Capital gain is saved up to the amount which is used in to buy /construct new house,if amount used for house purchased/construction is less than the amount of capital gain than the balance amount will be taxed as long term capital gain.
  6. If the new house will be sold within three year from the date of purchase or construction as the case may be than while calculating capital gain of the cost of new house will considered as under.
    • If cost of new house is less than the capital gain arising from old house:cost of new house will be nil.
    • if the cost of new house is more than the capital gain arising from old house :cost of new house will be :total cost of purchase/construction minus capital gain on sale of old asset .
  7. If amount of capital gain arising from the sale of old asset is not used as per point 4 before the due date of furnishing of income tax return or furnishing of return which ever is earlier than the balance unused amount should be deposited in designated banks under capital gain account scheme 1988 .
  8. if capital gain amount unused has not been deposited under the scheme as per sr no 7 than the amount of capital gain will be taxable in the previous year as long term capital gain it self no matter it is actually used by the assessee for the purpose of sr no 4
  9. if the amount deposited in capital gain scheme as per sr no 7 wholly or partly has not been used with in the three year from the date of transfer of old asset and purpose given under sr no 4 than the unused amount will be taxable in the hand of the assessee in the previous year in which three years expires from date of transfer of old asset as long term capital gain.
points emerged from court cases.

  1. Exemption is allowable in full even if house is partly purchased and partly constructed - The main purpose of the statute is to give relief for the acquisition of a new residential house. In that context, it does not really matter whether the new residen­tial house is partly constructed or partly purchased - B.B. Sarkar v. CIT [1981] 132 ITR 150 (Cal.).
  2. When more than one house is purchased - In case the assessee has purchased more than one house/flat within the period prescribed in section 54, it is for the assessee to claim relief against the purchase of any one of the house/flat provided the other condi­tions mentioned in the section are satisfied - K.C. Kaushik v. P.B. Rane, ITO [1990] 84 CTR (Bom.) 62. (Exemption is not available on more than one house wef Ay 2015-16-Change in Budget 2014)
  3. Exemption is allowable even if a share in new property is pur­chased - When the Act enables an assessee to get exemption from payment of tax in respect of purchase or construction of a residential house, purchase or construction of a portion of the house should also enable the assessee to claim the exemption. It is possible that a person may not be in a position to purchase the whole residential house at a time and in the circumstances an assessee might purchase a portion of the house or some interest in the house. Thus, where the assessee sold a house and from the sale proceeds purchased 15 per cent undivided share in a house, proper­ty from her husband and her son, and she was earlier residing in that house exemption under section 54 can be allowed - CIT v. Chandanben Maganlal [2000] 245 ITR 182 (Guj.)
  4. Exemption on capital gains could not be refused to the assessee simply on the ground that the construction of the new house had begun before the sale of the old house - CIT v. H.K. Kapoor [1998] 150 CTR (All.) 128
  5. u The date of commencement of the construction of the new house is not material. To get the benefit of section 54, the assessee must have constructed the new house within the prescribed period from the date of sale of the old house - CIT v. J.R. Subramanya Bhat [1987] 165 ITR 571 (Kar.).
  6. Purchase need not necessarily be on ‘cash and carry’ basis - The word ‘purchase’ in section 54 must be interpreted in its ordinary meaning, as buying for a price or equivalent of price by payment in kind or adjustment towards an old debt or for other monetary consideration. There is no stress in the section on ‘cash and carry’. Thus, where the eldest brother in a coparcenary compris­ing four brothers sold his own house and acquired the common house from his three brothers who executed release deeds for a consideration, there was a ‘purchase’ by the eldest brother of the share of each of the brothers for a price - CIT v. T.N. Aravinda Reddy [1979] 120 ITR 46 (SC).
  7. New House must be situated in India: In Budget 2014 amendment has been made in section 54 and now new house can only be purchased in India wef ay 2015-16


  1. PLZ ANASWER FOLLOWING ------------
    Good examples , but there is one issue not at all handled.i.e. what about tax lianility in case of:----
    1. house purchased by Bank loan against EMIs
    2. What is the tax liability when house is sold before 3 yrs of possession ?
    EXAMPLE-- My friend purchased a flat from builder priced at 19 Lakhs -- allotted in Jun 2006 but construction COMPLETED IN DEC 2010 & POSSESSION HANDED OVER IN JUL 2011. THROUGH BANK LOAN , PAID LAST INSTALMENT IN FEB 2010. fRIEND IS SELLING THIS HOUSE IN aPR 2012AT APPROX Rs. 42 lAKHS.

    1. In such case calculation is very simple ,no need to do indexation of cost ,no exemption ,simple,

      Income =Net sale minus cost of house

      and it is to be taxed as per normal slab rates applicable to individual.

  2. I have taken possession of a flat in Mar 2012 for which I have taken a bank loan of 40 lakhs. I am yet to do the registration. I hold another flat purchased in 2009. I also have a plot of land. If I sell this plot, how can I transfer this LTCG ( about 45 lakhs) to the flat purchased in Mar 2012. Is it done by using this money to repay the loan of 40 lakhs. Will be grateful for an early reply.

    1. if you sell the plot then whole sale value is to be invested in new flat .Further you can pay bank loan or i my opinion exemption is available u/s 54F even if you don't pay bank loan .

      As the amount involved is heavy so you should take advice from your tax adviser

  3. Hi,
    Sale 1. I sold a plot in Jan 2011. 37 Lakh is deposited in Capital Gain account at the moment. I plan to invest the total amount in a residential apartment in Pune in the coming months say by Aug 2012.

    Sale 2. In the mean time, I own a residential apartment in which I currently stay. I plan to sell it (say in May 2012). I expect to receive 2.5 crore. I plan to buy a flat in under construction building in Mumbai costing about 3 crore (possession Dec 2013). The GAP of 0.5 crore will be filled by taking a bank loan.

    Q1 - Can I claim Long Term Capital Gain (LTCG)for both sale 1 and sale 2?

    Q2 - Assuming I am not buying in Pune. If I decide to combine amounts from sale 1 and sale 2 and purchase 1 residential apartment, can I claim LTCG for both the sales?

    Q3 - Assuming I am not buying in Pune. I purchase the apartment in Mumbai in May 2012 by using the 37 Lakh + some saving (13 Lakh) + Home Loan (2.5 crore). After 1 year I sell my existing apartment for 2.5 crore and close the home loan with sale proceeds, Can I claim LTCG for both the sales?

  4. Please reply to the following query (bit URGENTLY):

    If I sell my Apartment A and foreclose the 'Construction linked' Home loan of the under-construction Apartment B from the sales proceeds of Apartment A, will this transaction also qualify for exemption from Capital gain tax?

  5. Hi, Is Construction Cost Exempted from LTCG Tax built by any Builder?
    (is there any norms like reg builders bills are exempted under section 54? Already we have own another Land which is vacant & planned to build)please replay! Very Urgent!

    1. Construction cost is part of House and it is to be added while computing the capital gain.if construction is three year old then indexation benefit also available

  6. Hi, my mother has purchased a house in 1970 for Rs. 2200. Currently the cost of house is nearly 50 L. Can you help me in calculating Capital Gain as she intends to sell it in 2012

  7. If one purchases property under construction and registers immediately, will the 3 years from date of registration be considered or 3 years form date of possession be considered for short term/ long term capital gains classification?

  8. Hi,

    I greatly appreciate any information for the following question:

    If I had bought a house in Feb 2012 can I show proceeds from the sale of my another house in June 2012 (date of sale is later than date of purchase) to qualify for capital gain exemption ?

    1. yes, You can .
      Read point number 4 above reproduced here again

      Capital gain arising from sale of above said property will be saved up to the amount used in to

      1.purchase a residential house within year before the date of transfer of old house or within two year after the date of transfer of old house.or
      2.construct a house with in three year from date of transfer of old house property.

      so you can invest in new house one year before transfer of another house to claim exemption

    2. Dear Rajan,

      Will your answer be same incase the posession/registration of the new property was done in Feb 2012 but the same flat was booked 3 years back in 2009 under Construction Linked plan and majority of the payment was made prior to one year from the sale of the exisiting house?

    3. My answer remain same ,but you should take second opinion.
      Normally ,Builder contract with customer for agreed to sell property .So till construction of house /possession the agreement is not purchase of property but for agreement to purchase the property.

  9. Today, I got call from Shree Ram construction where i have booked 1bhk
    flat, they told me that next month Service Tax is going to increase up-to
    4.96, *currently its 3.04 *

    From 1st July new rate will be applicable,

    Is it so ??

    Waiting for your reply.

    1. Service Tax rates has already been increased to 12.36 % wef 1.04.2012 . And as per notification 26/2012 dated 20.06.2012 service tax on Construction of a complex,building, civil structure or a part thereof, intended for a sale to a buyer, wholly or partly is applicable on 25 % of total amount means 25 % of 12.36%=3.09 %

      So in my view rates remain unchanged ...Pls ask him about notification number

  10. Dear Sir,would like you to clarify one thing. The emerging point No. 2 mentions that exemption can be claimed only in respect of one house property in case the assessee buys more than one. But this is nowhere mentioned in the bare act?? Kindly clarify.

    1. The Section used the word "a residential house "so only one house is allowed to be purchased . Further many case has been decided to prove this point .So it is very very risky to purchase two houses to claim this exemption

      recent case is


      ITA No.613 of 2010




      Adarsh Kumar Goel and Ajay Kumar Mittal, JJ

      Dated: December 13, 2010

  11. I have opened property gain account in bank. As its almost 20 months from last property sell, can I purchase infrastructure bonds instead of investing in any other property.

    1. no, you can not do this at this stage bond can be purchased with in 6 month of transfer

  12. I sold my independent house for 50 Lacs in April 2011. I had paid Rs. 12 Lacs in 1998 for land and construction. I bought a new flat in Sep 2011 for Rs. 90 Lacs. My questions are
    1. What is the LTCG after indexation?
    2. Since my gain is less than the amount I bought new house, I assume I do not have to pay Income Tax.
    3. How should I declare this transaction in the Returns form? Where should I declare LTCG and where should I show purchase of the property? I am not able to find relevant sections in the form.


    1. reply point wise
      1. capital gain
      sale value=50
      Indexed cost=12 lakh *785/351=26.84
      capital gain=23.16

      2. Yes nothing is payable as you can avail deduction u/s 54
      You have to use form ITR-2 read it carefully I thing you will found necessary details in it .For capital gain check schedule capital gain in ITR-2 and then check long term capital gain under this section

  13. Hi, thanks for takin time to answer the posts.

    Is the exemption on Capital gains tax applicable to purchase of a plot or NA farm land?

    Also is it applicable to repayment of outstanding loan on the sold property?


    1. what was your earlier query ...you have not given your name

  14. It is necessary to mention about sale and purchase of house in ITR2, even if net Capital Gains is zero. As all proceeds from the sale of an old house have been used (plus more money) into the purchase of a new house in the same FY?

  15. Whether I need to pay tax on LTCG on sale of residential property and also LTCG in sale of bonds sold after 3 years if investment in made in purchase of residential property in the same year. Let me know under which head of income and exemption has to be shown while filing income tax return

    1. If amount is invested in new house then you can claim benefit under section 54 and 54F ,These transaction is to be shown in income tax return

    2. You have to file ITR-2 , proper column has been provided

  16. If there is LTCG in sale of residential property and LTCLoss on Bonds (with Indexation)where proviso of section 112(1) is not exercised and amount is invested in new house is it compulsory to deduct/adjust LTCLoss on Bonds or is there a option to c/f LTCLoss in subsequent years to avail full benifit u/s 54 under investment in new house.
    and secondly If there is LTCG (without STT & Indexation) where proviso of section 112(1) is exercised can one avail benefit u/s 54F if the gain is invested in new house.
    Please clarify both the points and they are in the same year.

    1. First you should use e software of ITR provided for e filing of return many problem will be solved

      As 54F is a deduction in capital gain we have to deduct 54F first there after if any ltcg left we have to adjust ltcl from bonds from it balance un adjusted loss you have carry forward.

      Capital gain is capital gain and inter head adjustment no ban in lTCG and lTCL , section 112(1) for rate calculation only

  17. Hi,
    I have bought two houses (one 4 years back and the other 7 years back) and I am repaying two home loans. Now, if I sell one of the house and repay both the home loans using the money I got, will I be exempted tax on the income from sale of the house?

    1. No will not . Moreover if you sell house holding period less than 5 year then house loan repayment benefit taken in last five years in respect of house sold will also be reversed .

      To save you may invest only capital gain amount in Capital gain bonds for three years only.

    2. Hi,
      Thanks for your prompt reply. Can you please help me further by pointing me to some online reference which I can refer to for the above mentioned question?

    3. http://www.simpletaxindia.net/2010/02/capital-gain-house-sale-reverse-section.html

  18. Hi.,
    I have querry,would be please to get a reply:
    i hav sold a flat for 80L (Indxed Cost:19L; so LTCG 61L)and purchased a flat(Single flat but it is considered 2flats by d builder,but actually it is combined flat) for 75L within 2 months of such sale.now the 1st agreement has my name n dad's name and 2nd agreement has my dad's name n my name. so is it possible for me to get the cost of 75L to set off my LTCG of 61L. out off the 75L, I have paid 65L and my father only 10L.

    1. Yes you can claim deduction u/s 54 subject to following.
      1. That two flats purchased by you is actually a single flat/house.
      2That you have invested 65l in this houses.

      Note:As per act no clarification available , however there car case in your favor.


  19. Is it possible to save on capital gain tax in following cases. Please advice.

    1. Sold a residential house & bought an agricultural land. Got that agricultural land converted to non-agricultural land and constructed a house on it. All within 3 years time.

    2. Sold residential house. NA plot purchased 10,000 sq ft & house built is 3000 sq ft on it within 3 years time. How much of land cost is considered for exemption?

    3. Sold residential house of 1600 sq ft & purchased one acre of agricultural land to built 1600 sq ft of house on it.

    It would be good if you could also give reference of the law under which it comes.

    Thanking you in advance.


    1. I have no case law regarding above subject but my opinion is given as under.
      1. No restriction has been placed on which land house is to be built, in the act . so benefit is admissible.
      2. Area also not specified under the act but it my it should be reasonable but again different definition of reasonable .
      3.same as two.

    2. Thank you very much for your reply.

      Sincere regards

  20. Dear Sir,
    I have sold my old property and have kept the Capital Gain money in two places :
    1. Part money is kept in Rural Electrification bond
    2. Part Money is Kept in Capital Gain Account
    Now :
    In the IT written of Year 2011-2012 i have claimed income tax excemption under section 54 for certain amount which i have paid towards the purchase of New flat. The amount paid from one year before the sale of propoerty has been claimed for excemption. I have aslo utilised certain amount from the Capital gain Account towords the payment of this Flat.
    My Question is :
    Now the construction of the property where i have purchased flat has stopped due to some problem and i may not able to utilise the entire amount within two years.
    In such a case Can i use some amount from the Capital Gain Account for purchase of another property.
    Please reply

  21. Dear Raja Babu..
    Thanks for quick respond... I am Shivaji..the details are as Under
    Flat purchase value - Rs 6,99,046 on 2 Nov 1999
    Flat Sold - Rs 37,00,000 on 10 Oct 2011
    Plat Indexed price worked out = Rs 14,10,671
    Amount invested in New flat for last one year from date of Sale = Rs %,44,500
    Amont kept in Electrifiaction Bonds = Rs 7,50,000
    Amount Kept in Capital gain Account = Rs 10,00,000
    Amount released to New flat from Capital Gain = Rs 84,000

    Now My question is .....
    Can i utiles certain amount from capital gain Account to Purchase one more Property ..... THAT IS CAN I UTILSE THE CAPITAL GAIN ACCOUNT MONEY FOR PURCHAING TWO FLATS AT DIFFERNT LOCATION

    1. Please provide dates

      Amount originally deposited in CGAS
      amount withdrawn from CAGS month wise.
      Date of investment in bonds
      date of filing of income tax return for fy 2011-12

      I cant understand what about Rs 84000/-

  22. Dear Raja Babu,
    Can the Capital Gain amount from Sale of Flat be invested in TWO FLATS at two Different Citys.

    1. Purchase value of Only one new house will be considered under section 54 of yur choice. So two houses option is not available

  23. dear Raja Babu,I am Anjan,I bought a house in 1986 along with my father for Rs.55000/ .Subsequently my father gifted his portion of the property to me valued at Rs. 30,000 in 1993.Mean while I have remodelled and reconstructed and expanded my house and already spent rs.3 lacs. by 1993.now I plan to sell my house for Rs. 25 lacs.What will be my LTGS tax?Can I get tax benifit by constructing a new house on the roof of an existng house which stands in the name of my wife ,after purchasing the roof right from her?

    1. Sale value=25
      indexed cost =55000*865(2013 estimated )/140(1986)=339821
      300000*865(2013 estimated )/244(1993)=1063520
      total =1403341
      capital gain=25-14=11 lakh

      further there is no bar on purchasing a roof and creating house on it as per income tax act but entry must be genuine

  24. my grandfather purchased a land in 1942 and built a house on that in 1964. after his death my father the only child made an HUF and was paying tax as applicable since 1975, now we created a HUF partition agreement in 2010 where in if sold, the proceeds will be shared between 4 persons namely my father, myslf my wife and my only sister. the property is now sold in 2012. i an buying a house in my wifes name using mine and my wifes share using it completely, my father and my sister are buying a flat each out of their shares, that way all the money received has been used for buying residential properties out of each one's share, is any LTCG appicable? the property sold was on record that its an HUF property and my father as karta used to pay tax as applicable under separate pan no since 1975. pl advice

    1. Complicated for Me.I am giving just opinion.
      You have fully partition in 2010 of HUF and sold you individual shares in property .
      and want rebate u/s 54

      In my opinion your wife and your father is eligible for deduction u/s 54 but not you and your sister as house is not on your names

  25. Dear Raju , Please clarify , whether i have to pay capital gain , if i sell a property with in one year of purchase. But i am reinvesting in another residential property and i have already have an house in my name ,bought 5 years ago. How can i avoid ? Thanks.

    1. if you sell property within one year then tax can not be saved by purchasing another property.

  26. Hi Raju,

    I purchased a construction linked plan ,flat on 2nd August 2011.
    I sold my 8 years old property on 14th August 2012. Now I am planning to prepay my home loan through the money I got from this sale. Will I get the tax exemption on this?

    1. pls provide details with tentative values and date and property(sold) nature. ANd which loan you are going to pay ?

    2. I actually booked my new flat under on 2nd August 2011, possession is planned somewhere next year mid. So no registry is not done yet for the new flat. The loan is on this new flat.

      About the old house, I sold it for 32 lacs on 14th August 2012,The cost of land at the time of purchase was 1 Lakh 31 thousand, and the house construction completed in 2003.

  27. I booked a flat in Construction Linked plan on 2nd August 2012(as per the agreement). The total cost of the flat is around 56 lacs. I took a loan on this.The loan amount sanctioned was 20.75 lacs, out of which 18.75 lacs has been disbursed

    I sold my old house on 14th August 2012 for 32 lacs. The capital gain is approx 16 lacs on this. I want to prepay my loan using this amount. Will I get a tax exemption on this?

    Also there are still 2 demands amounting 6 Lacs left from the builder for the new flat, if I pay those demands using the capital gain amount, will that be exempted?

    1. As per section 54 only capital gain amount is required to be invested . And You have already invested 56-12-18.75=36.00 lakh from your own fund which is more than capital gain amount (16 lakh)

      so even you have not paid loan or pending installment you are eligible for deduction u/s 54 (36.00as above)

      The condition here that your house must be completed / constructed with in three years from date of transfer of old house ie by 13.08.2015.

      Pls note that as per section 54 amount to amount trail is not required

    2. Sir,
      My father purchased a plot in 1965. With the financial help of we five brothers, five flates were constructed ie one fate for each brother. now, father expired in 1972. i have purched half flat from my brother also at a costof 50,000 fifty thousand in 1980. Now, I want to sale one flate of my share and half share purchsed from brother. The total sale proceeds expected to be received by me is Rs. 11,60,000 Eleven thousand sixty lacs. We have no account how much we spent for construction, its renovation and maiteance. How to calculate tax liability. In case, I desire to purchase some property, whether I can purchse a plot for shop or residential. Kindly advise me properly.

    3. Sir ,

      I had purchased Flat A in FY 2006 for 10 lakhs. Flat A has an outstanding loan of 9 lakhs.I am Planning to sell Flat A for 25 lakhs now. I had purchased another flat B in FY 2010 which has a principal outstanding loan of 28 lakhs. I would like to utilize the sale proceeds for closing loan on flat A and rest of the amount 16 lacs for part foreclosure of loan on Flat B. Will this attract any LTCG ?

    4. Dear Anonymous23 August 2012 9:15 PM

      To avail deduction under section ,New house must be purchased one year before or two year after the transfer of old house.Source of fund is not does not matter at all.

      In you case you are planning to sell house(A) in August ,2012 but new house (House B) was purchased in FY 2010 which is older than one year .so You can not claim deduction under section 54

  28. Hi,

    I bought a flat in November 2010 in 33 Lacs and I am planning to sell it now in 40 Lacs. How much tax I have to pay. Also I have 25 Lacs remaining home loan on this property.

    1. Taxable income will be 40-33=7 lakh and it will be added in your income and normal tax slab is applicable

  29. Dear Mr. RAJA BABU,
    My Father recently sold his old residential house.
    In order to avail exemption from Long Term Capital Gains Tax under Sections 54/54EC/54F,
    we understand that we have to purchase another property within 2 years.
    Can the property we purchase be any of the following type:
    1) Old resale house
    2) New house
    3) Old resale flat
    4) New flat
    5) Farm houses
    6) Vacant Land
    Can we purchase any of the above to seek this exemption.
    Could you please clarify sir.
    Thanks and regards,
    P.Ram Kumar

    1. Your father can avail 54/54EC or combination of Both.Further only capital gain amount is to be invested not entire sale proceed from old house.

      Yes ,you father can purchase new house with in two year but if amount of capital gain in not invested in new house by return filing date for fy 2012-13(31.07.2013) then he has to deposit balance amount in Capital gain account scheme.

      He can invest in sr number 1)to 4) without any doubt

      but he should avoid (5).

      In 6) he can invest, but on this land a house must be constructed with in 3 years from date of transfer of old residential house.

    2. Dear Mr. RAJA BABU,

      We thank you for your kind reply.

      We were very confused regarding the type of property we should purchase and the
      investment procedure regarding 54/54EC.
      Now, we have got clarity because of your kind help. You have cleared all our doubts.

      We wish you and all Tax Experts at "www.simpletaxindia.net" Good Luck
      and All The Very Best in all your efforts and endeavours.

      Thank you very much once again.

      Wishing you the very best,

      With regards,
      P. Ram Kumar

    3. welcome....but a small help from you ,always raise query with name not as a anonymous

  30. Dear MR. RAJA BABU,

    I am so sorry. I thought I should use only "Anonymous" when I saw a few previous questions. I really missed it. I regret it very much.

    I assure you I won't make this mistake in future.

    Thank you very much for pointing this out to me.

    Warm regards and best wishes,

    P.Ram Kumar


  31. Query: Please let me know if i need to pay any LTCG tax?

    1st home bought : 42 lacs in Nov 20005
    1st home sold : 195 lacs in Aug 2012
    2nd home (now is 1st home ) bought : 159 lacs in Nov 2009.

    Do I need to pay any tax???

    1. yes, you have to pay tax . New house must be purchased with in one year before or two year after sale of the old house .But in your case 2nd house has been purchased 3 year before .So this is not qualified for deduction u/s 54.

      So to save capital gain , you should by new house before augu 2014 or construct new house by august 2015.
      Further pls note that u/s 54 ,only capital gain amount is required to be invested in new house .

    2. how much is going to be my tax liability?

    3. Sale price =195
      indexed cost=45*880/497=79.68
      capital gain=195-79.68=115.32
      tax on CG=20% of 115.32=23.06
      to save tax you have to invest under following options
      1)invest maximum 50L in 54EC bonds and /or
      2) balance capital gain in house

  32. I have sold a residential prop in Oct 2010 jointly owned by me and my wife for Rs 187 lacs and invested 50 lacs in REC bond and paid some 25 lacs as tax. Now i have finalised a residential flat and going to finish the sale documenatation in Oct 2012 for 500 lacs. Please confirm if i can file a return and ask for refund from Income tax. Also please confirm if i can withdraw REC bond money.


    1. No , you can not withdraw money from capital gain bond.

      Further house option is also not avbl to you.

      As per income tax act , house with in 2 year option is available only if unutilised money has been deposited in the Capital gain account scheme before return filing du date for fy 2010-11.

  33. Thanks for all your repl/clarification, kindly confirm the following:

    Section 54 mentions about short term capital gain tax but its not cleared that if STCG can be saved investing the capital gain to purchase a new house : I bought a house in the year of 2010 at the price of Rs. 15 lakhs (possession in April'2010 but registration date December'2009); now I can sell it at Rs. 30 lakhs. Can I buy with this amount and also adding some more to buy a flat (under construction) of Rs. 60 lakhs to save short term capital gain tax of 15 lakhs on the old house ? Thanks and Regards, Ranjan.

    1. Short term capital gain can not be saved u/s 54,54F,54EC.

    2. Thanks Mr. Raja, is there anyw ay to save Sort term capital gain tax for property sold within 3 years ? Regards, ranjan.

    3. No way. However you can buy new house with in one year before the sale of the old house.

      Suppose you have purchased old house in August ,2010 and will sell in September 2013.

      then to save capital gain that will arise in Sep,13 on sale of old house , you can buy new house in Sep ,12 also.

      please consider actual dates.

      Long term capital gain :period in case of shares/Securities one year and in other case three year

    4. Thanks, please confirm which date will be considered as "purchase date" of the flat for computing the gap between sold date (is it 3 years or more...) : is it the flat registration date ? or the date mentioned on possession letter of the flat ?? or any other date (mutation date etc. ?)...

    5. Not sure, be on safe side.Many cases are in courts to decide this issue so not possible for us to tell short solution

  34. Dear Sir,

    Thanks for the wonderful write up. I have a confusion. Let me give an example to better describe the scenario. Appreciate your kind help in this regard.
    1) Flat 1 under construction purchased on Aug 2005. Home loan taken.
    2) Flat 1 completed in the year 2008. Loan continues.
    3) Loan for Flat 1 foreclosed in the year 2011.
    4) Planning to purchase another under construction property in 2012. (now) Under new home loan.
    5) Expected date of handover of flat 2 is on year from now. Aug / Sep 2013.
    6) I'll consider sell of Flat 1 after getting possession of Flat 2.

    I understand that the sell of Flat 1 will result in capital gain. My questions are as follows.
    a) While calculating capital gain on Flat 1 can I exclude the cost incurred due to loan. Can it be like this? Sell price - Buy Price - Cost of Stamp duty - Cost of registration charges - Cost of Home loan interest - Cost of Other renovations.
    b) As I am going for a home loan for flat 2, can I set off the capital gain arising out of sell of Flat 1. I'll reduce the loan amount by the capital gain arising out of sell of Flat 1. Please note that the buying price of flat 2 is much higher than the capital gain arising out of flat 1, in fact it is higher than the expected whole sell price.

    Thanks in advance.

    1. To claim capital gain exemption u/s 54 ,House must be purchased before one year and two year after the sale of old property or house must be constructed with in 3 year from the transfer of old house.

      So first you have to decide which option you want to avail .

    2. Dear Sir,

      Thanks for pointing out the the clause of 54 once again.
      But let me rephrase my questions.
      1) While calculating capital gain on House property can I consider the interest paid on home loan as cost of borrowing?
      2) What is the date of purchase of a property? I think it is the date on which the registration of sale deed takes place, after paying Stamp duty and registration fees to the government. Correct me if I am wrong. So even if I take a home loan for the second flat (Flat 2) now the actual date of purchase will be some what in late 2013 or early 2014. So if I sell the earlier one (Flat 1) with in one year of date of registration of Flat 2 and use the capital gain from Flat 1 to set off my home loan I should be eligible for exception under section 54, as setting off home loan is utilization of fund towards purchase of property.

      Hope I have been able to express my concerns. Thank you once again.


    3. In earlier comment at sr no 6 you have said this
      I'll consider sell of Flat 1 after getting possession of Flat 2.
      so that why I asked you details.Point wise answer is given below.

      1.In our view as the interest on house loan is not specifically mentioned as deduction under capital gain calculation so it is not allowed .Though there are difference of opinion.

      2.In general ,you are correct date of registration is =date of transfer.

      3. If you buy second house with loan funds ,and do not repay loan from sale price from sale price of first house ,even then you are eligible for deduction . As end to end use is not required under section 54.

  35. I have sold a residential property in July’2012 with a capital gain of 72 lac. The property which got sold was on joint name i.e. myself and my wife. Since I had made all the payment to purchase the property and she was not funding anything. I believe that LTCG shall be available to person who paid for buying the property (pl correct me if I am wrong)
    Now I am planning to purchase a residential plot which would be cost to me Rs 56 Lac. I want to purchase that plot jointly with my two brothers just like my previous property. Since all the payment of Rs.52 Lac will be made by me. Please guide me to compute LTCG and availing exemption on capital gain.

    1. First Point ,Yes capital gain is to be assessed in your hand.
      But our suggestion is to purchase new house on your name only.

  36. Sir,

    We have bought a house in 2010 and took a home loan in July 2010 and made complete payment of 80L(total cost of the house). Registered the house in April 2011.

    We have a another apartment and we want to sell it now(Oct 2012) for 50 L.
    Is 54C valid?
    If 54C is not what amount should we consider as our capital gain.

    1. Sir,

      Can you pls respond to this query?


    2. Please ask with full details with purchase date /cost of both the houses

  37. Dear Sir,
    I had purchased a flat in march-2012 for 14Lakhs and now willing to sell for 28lakhs.
    Meanwhile, I have booked an under-constructed flat worth 42 lakhs+ 5 lakhs as amenities/Corpus fund/Registration etc =47 lakh. This flat will be handed over in august-2013 but registration can be done anytime after Jan-2013 (when it will be 70% completed).
    I am planning for 15Lakhs home loan, 28 from flat and remaining from my own.
    1. Is date of purchase of new flat = date of registration or date of possession ?
    2. Can I Claim tax benefit under section 54? If yes, then how much ?
    3. If I sell the old house before Apr-2013 but do registration of new house after Apr-2013 , can I still claim tax benefit?
    4. If I sell the old house after Apr-2013 but do registration of new house before April-2013, can I still claim tax benefit?

  38. I had purchased a flat in march-2012 for 14Lakhs and now willing to sell for 28lakhs.

    pls confirm date is march 2012 or not

  39. Dear Sir,
    Its April 2012 ...

  40. As house is purchase in March ,2012 and you are willing to sell it after less than one year ,it is a short term capital gain and it can not be saved by investing in new house .so other related queries are not applicable;e in your case.

    1. Dear sir,

      If I Sell my previous flat after 1 year of purchase i.e after April 2013 and do registration of new house also after April 2013, then can I claim tax benefit under section 54? If yes, then how much ?
      Please read my complete query mentioned in above comment.

  41. Dear Sir,

    I have sold my flat in April 2012. I will be buying a new flat which is under construction. The registration will be done in Jan 2013 and the proceeds from capital gain will be paid towards the cost of this flat by June 2013. The possession is expected in March 2015, but in case it is delayed by 4 to 6 months will I still get benefit under sec 54? Basically, I may get possession more than 3 years after the sale of old flat.

    1. Then it will be disputed issue , courts are giving different opinion on this issue. It is better to complete construction of the house with in three years

  42. I entered into an agreement to sell my flat in March 2012 after receiving some token amount. The agreement was registered in March 2012. However, the balance amount was paid in April 2012 and I handed over the keys in April 2012. I had purchaed my flat in Dec 1993. For indexation should I consider CII sale as 2012-13 or 2011-12?

    1. In our opinion it should be CII for 11-12 and capital gain also arises in fy 11-12

  43. Sir
    I purchased a plot for Rs.100000/-in July2007 and constructed a house of 2500 sq feet availing housing loan from different agencies and also utilising from my personal savings/loans.Construction was carried out by local masions and workers and by buying materials locally. completed the house construsction in May 2010. I sold this house for 43 lakhs in August 2012 due to financial difficulties. The land cost of the plot is 23 Lakhs and Building is 20 lakhs as valued and as per documents registered by the buyer. please reply how to this money from tax obligations and also I am serching for a house property as I have no house property on my name

  44. Sir,

    Thanks for the wonderful write up. I have a doubt regarding exemption u/s 54. Th edetails are as under:-

    1. Purchased a flat in 2005-06 for 15 lakhs.
    2. Booked new flat in 2009 under Construction Linked plan for
    37 lakhs. Bank Loan taken 29 lakhs. 80% payment made till
    3. Registration of the new flat done in Nov'2011.Possession given
    by builder in January'2012.
    4. Sold and transferred the old flat in August'2012 at 38 lakhs.
    LTCG being 13 lakhs(say)
    5. Repaid Rs. 8 lakhs towards loan taken for new flat in
    5. Can I get the exemption for full Rs. 13 lakhs towards LTCG by
    investing in new flat considering the fact that only 7 lakhs
    were paid to the builder within one year from the date of sale
    of old flat and the rest payment was paid before more than one
    year. Or my exemption will be restricted to 8 lakhs only(the
    amount paid before one year from sale of old flat)?

    May pls guide


    1. In our opinion you are eligible for deduction but you should take second opinion

  45. Dear sir,
    My elder brother booked a flat in apr09 and tranzfer it on my name in june 11 as the flat is still under construction if I sell this flat whether short term capital gain applicable on me or not.I want to purchase a new property in 6 months. There is no sale deed registered till yet

  46. Dear sir,

    We are selling our anchestral property ( 200 years old) and the share is between me and my father. The sold value is 90 L. How do we compute the capital gain as we don't have any clue about the original cost & CII also not there before 1980.
    Can we get an exemption under section 54 directly or we need to buy some property within the 2 years to avoid taxes.


  47. From Mani:

    Dear sir,
    My mother-in-law,purchased house in 1962 for Rs.9000.She has four daughters.Now she is going to sell the house for 83 lacs and transfer of property(sale) may be in Jan-2012.What is long term capital gain and ways to avoid capital gain tax.my mother-in-law is aged 80 years and a pensioner and not an assessee.
    Please guide

    1. Your mother in law should gift 25 % share of this house to each of their 4 daughters before selling . In that case capital gain will be assessed in daughter's accounts .

      and to save capital gain daughters can buy new residential house within period of 2 years or construct new house in three years.

      or they can invest money in capital gain bonds for 3 years.

      to calculate capital gain market price of 01.04.81 is required .

      capital main will be
      sale price =83lakhs
      less:Market value 01.04.81 X 8.52=
      capital gain

      suppose mV on 1.4.81 is one lakh then capital gain will be

      83-(1.00X 8.52)=74.48 lakh

  48. Hello,
    I went through the section 54 of Income Taxt Acts. I have a confusion. For selling the old property, we take the registration date into consideration. But for buying the new propoerty, can you please let me know which is the correct date we need to take for calculating if capital gain has to be considered or not ? Is it Property Posession Date ? Property Registration Date ? Or Property Booking Date ? In my case I have already booked a property which is yet to be handed over to me and tentative date of registration will be in Q1 2013. But I want to see one of my existing houses to pay off the loan. I wanted to know until what time I have to sell off my existing propoerty to avoid tax on capital gai, Please Suggest.

  49. Possession plus registration both are important but booking date is not important . You can buy new house with in two year after sale or one before .
    And construct new house within 3 years,

    As you are planning to sell house now but registration of your new house is in q1 2013 ,which is within admissible limit of 2/3 years ,so so you can sell you old house .

    MOB 9833999652

  51. In 2011, i have taken possession of H.P. in Feb by taking loan but shifted in July 2011. Now in july 2012, i entered into agreement to sell another house property. Whether Section 54 applies

  52. Sir, I have sold the land and building that I used as a shop to conduct business. The sale proceeds are more than the cost price of new house.

    1. After buying 1 new house, can I invest the remaining sale proceeds in a vacant site and still claim exemption? Site is not the same as a residential house.

    2. If I cannot invest in a site for exemption, will the remaining proceeds still be exempt in government bonds? In other words, can I invest part of the sale proceeds in a house and the remainder be locked in for 3 years?

    1. Yes , you can go for option (2) capital gain bonds. Further in capital gain only balance capital gain is to be invested not net proceed.
      suppose you have sold shop for 50 Lakh and capital gain on it is 30 lakh .Invested in new house is 40 lakh then balance capital gain to be invested is calculated as under

      total capital gain =30 lakh
      exempted for house:30*40/50=24 lakh
      Balance capital gain =30-24=6 lakh
      so ,in above example though the balance net proceed is 10 lakh(50-40) yet u/s 54ec only 6 lakh is required to be invested.

      Further please note that 54F (new House) option is available to you only if you have only one house other than new house

  53. Hi,

    I bought a Flat approx 33 Lacs in Feb 2010 and I sold out in December 2012 at 35 Lacs. I had taken loan of Rs. 26 Lac to purchase that. After selling the Flat I started living in the Rented house. Please help me how do I need to show while submitting my investment proof for tax calculation. I have also taken loan benefit last year for same flat and how I take loan benefit for this year as I have paid loan EMI till November.

    1. If you sell house before five years ,you are not eligible to claim the house loan repayment deduction aat all. Further as per rule,deduction claimed in earlier years is also required to be added back . so it is advisable not to claim House loan repayment benefit in this year.

      Further 2 lakh will be added in your income as short term capital gain (35-33)

    2. Thanks Raja Babu. So do you means that I should show the rental house from December onwards and nothing (No Loan EMI and no Rent) for remaining part of the year?

      And also I need to compulsory add previous year exemption this year as I sold the house before five year?

    3. Yes , as per rule you can do as under.

      1)You Can claim HRA exemption from December 2012 onward
      2)You can not claim deduction u/s 80C(house loan principal repayment) in current year.
      3) Deduction availed u/s 80C in previous years is to be added in Income.
      4) You can claim Interest due on House loan as minus income from house in current year also.
      5.Short term capital gain is to be added in your income (35-33)

    4. Thanks for clarification. I have one more query. I have another house which is in other city, which I showed as let out property last year. So can I claim principal of that house under 80C?

    5. yes , you can claim principal u/s 80C as well as Interest u/s 24 on that house

  54. Dear Sir,
    Please help me the following case.
    Sold a flat (flat1) purchased in wife's name. Flat was fully funded by me. Capital gain comes around 30 lakhs. Want to invest in a new flat (flat2) to save long term capital gain. New flat (flat2) is going to cost around 65 Lakhs. Wife is housewife and has no income. I was earlier clubbing the rental income (from Flat1) in my income and paying taxes accordingly.
    Question is: 1) the new flat (Flat2) should be purchased in wife's name or it can be in joint name or it has to be in my name.
    2) Also in IT return in whose return form this capital gain should reflect. It should come in my ITR or in wife's ITR. (Wife has no income and not filing returns but has PAN card).
    Interested to purchase the new flat (Flat2) in joint name.

  55. Dear Sir,
    I have a query regarding Filing of Short Term Capital Gain.
    I have purchased a house in joint name of mine and wife which was fully funded by me, and now selling that house, earning short term capital gain of 12 Lakhs.
    for filing tax of 2012-13, will this 12Lakh be added to my income or to income of both - my and wife at 6 Lakh each? or is there any other computation way?

    1. full profit is to be added in your income ,as you are treated as deemed owner of the house


    1. please clarify that whether your mother is co owner of the house or co borrower of the house ?

    2. THanks for prompt action.
      My mother's name was in the property purchase agreement as a second owner. As she will be staying at our home town she wish that the flat may be bought on my single name. She is retired now.

    3. You can save capital gain if house holding period is more than 3 years and if holding period is less than 3 years then you can not save tax at all.
      I assume that house holding period is more than 3 years and in this case you have to buy new house on joint name , otherwise you mother have to pay tax on his part , or your mother can purchase capital gain saving bonds for her share in capital gain.

  57. Dear Sir,

    I purchased 1 bhk flat for 17.5 Lakh in August 2010(no co-owner). It is mortgaged with bank.
    Now I am in processs to sale this flat for 26.10 Lakh before Feb 2013 and I am also purchasing the 2bhk flat for 50 Lakh(my wife would be co-owner).
    My queries are as follows:
    1) I am purchasing flat which is more than the capital gain, Do I have to mention this transaction in tax declaration to my employer?
    2) While filing for tax return, I will have to furnish this details in ITR-2?

    1. point wise query is given below
      1.no need to mention these details to employer.
      2.in which return it is to be mentioned ,wait for new rules to be made for fy 2012-13.

      Further ,pls note that as you are holding this house for less than three year , capital gain will be short term and it can not be saved by investing capital gain in new house .

  58. i am selling my flat to repay my home loan, personal loan & credit card amounts and will stay in a rented house. All the amount i recieve from selling of my flat will be used in foreclosing all my debts. Do i still need to pay tax?

    1. yes , you have to calculate capital gain on sale of flat and if holding period of flat is less than 3 years then you have to pay short term capital gain and tax is applicable as per normal tax slab.and if holding period is more than 3 years then it will be treated as long term capital gain and taxed at 20 %

  59. Dear Sir, My sister booked her 1st flat, which was under construction on 15/10/2005, availed a home loan of Rs. 21,00,000, approved on 24/11/2005 and thereafter registered it on 31/11/2005 for Rs. 21,87,160 (23, 42,165 including stamp duty + registration & other charges) She had been paying maintenance, property tax and home loan EMI until she sold this first house 12/10/2009 for 42, 00,000.
    Thereafter, she booked her 2nd flat, which was under construction on 03/10/2009 for Rs. 22,43,000 (agreement amount) without a home loan and registered it on 14/05/2012. She has not yet obtained possession. How much capital gain tax if any is applicable if she sells immediately? To avoid tax if any, how long does she need to wait? Please do let me know. Thank you

  60. I have specific query: If I buy a new house under construction on home loan. I get possession after 3 years. Then I sold my existing old house and use the proceeds to repay the loan of new house. Then can I claim exemption of Section 54 to set off capital gain.

    1. you house must be competed with in 3 year from the sale of old house then you can claim exemption u/s 54

  61. flat sold which was registered in the name of HUF, now can exemption under sec 54 be taken if the new flat is purchased within prescribed time in the name of Karta or Individual member of family, pls reply


  63. Hi,

    I have a question:

    >> Prop 1 : I have booked a 2BHK falt with a builder, the possession of which will be given in 2014.
    >> Prop 2 : I have another property which qualifies under the DDA SFS Scheme and is Liable for Long Term Capital Gain. I plan to sell this property for 36L . I have purchased it for 19L.
    Payment Plan : 13lakhs given 5 years ago. 6 lakhs given after full construction in Dec 2012.
    >> For this Prop 2, do I need to reinvest the entire 36lakhs for savings under Capital gain
    13Lakhs given 5 years ago will be multiplied by an indexation value + 6Lakhs. This final value will be subtracted from total 36L and the resultant will be considered for Capital Gain.

    An early reply would be truely appreciated.

    1. only capital gain amount is to be invested in new house subject to that old dda property is also a residential house

  64. Hi,
    Queries Regarding short term capital gain scenario -

    1. If I had done any further modifications like wardrobes / plastering / painting/ alterations etc, are these amount excluded in Short term capital gain ?
    Origianl Flat cost = 14 Lakhs,
    Alteration cost as mentioned above = 3 lakhs
    flat sold for 29 lakhs
    what is the Short term capital gain here?

    2. Flat was registered for approx 80 thousand, so where is this money accounted while filing the tax ?

    1. yes , you can add all the exp in cost while calculating short term capital gain

  65. I invested in a flat from sale proceeds of an earlier family home. The property was under construction when i paid the booking amount. Do we refer to the date when booking amount is paid or when property is registered or when possession is granted to calculate holding period? Please let me know as I need to urgently liquidate this property. Thanks

  66. Dear Raja Babu,

    Its really nice to see such a genuine and quick response.

    One of My fried Bought Agricultural Land in FEB-10 and N.A. the same around OCT-12 to 10 N.A. sub plots . Now if he sells the 2 N.A. subplots on FEB-13 and buy the residential flat from that money to save the tax? Please provide other better options as well to save the tax on such income.

    Thanks in Advance.

    1. He can do so but he has to qualify rules provided under section 54F as 54 is not available to him.

      1. Land holding period is more than 3 years.
      2.He has not more than one residential house already

      read more here

      other option is to invest in capital gain bonds read here


  67. please provide me the cost inflation from 1975 onwards

  68. Dear Sir,

    I have an old plot of land which was purchased by my father. Now, I have constructed a 3 floor building on this plot and i am thinking of selling two floors of the building and retaining the third one. The plot is old but the construction is new. The gain on sale will be considered as a short term gain or a long term gain?

  69. Hi,

    I sold a small vacant site here in Bangalore for 15 Lacs on the 18th February,2013. I am planning to purchase a 5000 Sq Ft farm house plot on the outskirts of Bangalore in the next month and will be building a house there in the next year. I will be using up the entire 25 Lacs for buying the plot and also constructing a house there. So, will I be eligible for exemption from Capital gains tax? or is there any rule that states the exemption is not applicable if I buy a farm house? kindly clarify

    1. please read this

      Where assessee did not produce material to show that entire area purchased with farm house was land appurtenant to it, value of entire land would not be considered for exemption under section 54F

  70. Hi

    I brought a 2BHK flat in August 2010 which was registered at Rs 2000000 for which i took a loan of Rs 1800000. I was to sell the this flat and buy a 1BHK and also repay the loan amount. will there be any STCG on the transaction and do i have pay tax on the benefit that i got from home loan interest.


    1. Yes , as the holding period is less than 3 years .it will be covered under STCG .

      Further STGC can not be saved by investing amount in new house.

      Moreover deduction of house loan interest is not required to be reversed .However deduction of principal repayment,if any claimed, (80C )is required to be revered and added back in you income.

  71. hi..
    i bought a house in the year 2003 which i sold on 29/6/2010 for 50 lacs.
    i had already purchased a house in sept 2009 for rs 25 lacs.
    i than sold the new house for 25 lacs on 2/1/12.
    i had not deposited any amount in capital gains account.
    i again purchased a house on 19/4/12 for 32 lacs.
    do i have to pay any tax???

    1. yes, as you have sold house purchased in Sep,2009 before holding it for 3 years ,capital gain will be treated as Short term capital gain which can not be saved by purchasing new house .

  72. I have bought house in 1978 by 40,000 down payment to builder and took loan of 24000 from maharashtra housing. the loan was fully paid in 1999. so down payment + loan costed me 1,25,000 Rs. and now in 2013 I have offer of 10900000 (1cr 9 lakh) to sale. this is the only residential house I have. I am thinking of using 9000000 (90 lakhs) to purchase new house so what will be my capital gains tax? Please give the equation with above figures and how the tax will change if my cost of new house changes. Thanks.

  73. I have purChase new flat (B)on june 2012 @ 64 Lacs with Loan of 50 Lacs ,I have sold my Old flat (A) @ 47.25 Lacs on Oct '12 Originally purchase on Oct'2004 @ 9 Lacs.

    Further I have made Home repayment of Rs. 26L on New flat (B),

    Kindly let me How much I have to pay capital gian

    1. Nil, nothing .As amount invested in new house by you is more than capital gain amount ,so full capital gain is exempted u/s 54.

  74. Dear Raja Babu,

    In above case dtd:( Anonymous6 March 2013 9:54 pm) ,

    I have capital gain of approximate 30 L after indexation , I have used 26 L for repalyment of housing loan for new house ,

    My question is

    1) Any capital Gain is applicable in my above case
    2) Can i used ballance 4 lacs for any other purpose or i have to used it only for re-payment

    1. Dear Raja Babu,

      I am little Confused on my above case, if you can clarify ,I am glad and help me a lot

      1)Purchase House (B)on 1st June '12 64L(Consideration) + 4L(STamp Duty+ reg)=Total 68L ( Own contribution 9 L + 8 L( borrowed from Friends/family ) +51 L from Housing Loan
      2)SOLD OLD House(A) on 20th Oct 2012, 47.7 L ( Less Rs.40,000/- brokerage + Rs12500/- as society transfer), originally Buy on 2004 @ 9L
      3)Repayment of Housing Loan of New House (B) 26 L : Nov'12 from the money receipt from Sold of above flat
      4)Return of Borrowed Money of 8L to Friend /family on Jan'13
      5) I have balance 4 L available with me now ,Can i used this for my own purpose other than housing loan repayment

      Request me to clarify my doubt

      1) Any capital gain applicable in my above case , If yes than How much , and than How i can save the capital gain

      2) If you can provide me any short calculation will help me to understand better.

      Awaiting you favorable response


    2. As already replied you that no capital gain applicable on you .
      net Sale price :4770000-62500=4707500
      Indexed cost :9,00,000 X 852/406=1888669
      Capital gain =4707500-1888669=2818831
      less : exemption u/s 54 (value of new house 68L but subject to maximum capital gain =2818831
      Net capital gain =Nil

      So pls note that source to purchase the new house is not important ,only cost of new house is important. But on safer side you have done right think by paying house loan and friends money.

      Further you are free to use balance money as you wish.

  75. My father bought a land (residential) for 1.5lacs in 1990-91 in his name and he died October 2010. My mother (age 65), a housewife and a widow wants to sell the non-constructed residential land, the offer we have is 38lacs to be finailsed by March 2013.
    We are mother, 1 brother and 1 sister and both are married.
    Kindly suggest both capital gain, other tax liabilty and investment or exemption options or any other option/suggestion if any.

    Waiting for your reply asap.

    With regards

  76. Dear sir.
    Ihad purchased the flat at 4.5 Lakh on 2005 & Now Iam selling it for 12 Lakhs,I have a site loan with SBI 10 Lakh, I would like to use this amount for Loan clearing rest will be used for construction. Kindly inform CG is applicable ? should i pay cg tax? how & where to declare officialy.
    seeking your help..

  77. Dear Sir,
    I want to sell my residencial flat purchased in 2009, Rs.1350000/-which I have to sell in next two-three months in 2013 with appx Rs. 2650000/-. I have below query:-(FYI- I have one more flat which I have purchased in 2007 and installement is going on)

    A) So how can calculating capital tax. Is it strait away sell-purchased or (I have seen in your above reply) any calculation is there?
    B) If Capital Gain is 26.5-13.5=13lacs. what is the way to save capital gain. I heard it will be CGFD and government Bond. (which bond are available now)
    C) How many time I can take the amount with me (I want take benifit of tax saving)
    D) Can I take this capital Gain to repayment of my OLD House which I had purchsed in 2007 HDFC Loan?? If yes, Can save tax?
    E) As per your opinion what is the best way to save CG tax? if money is not required in near future?

    1. Point wise reply is given below ( I assume that capital gain index for Fy 2013-14 will be 910 and you have Purchased flat in Fy 2009-10

      A calculation of capital gain :
      Sale price =26.5
      Indexed cost :13.5 X 910(CII of Fy 13-14)/632 (CII of Fy 2009-10)=19.44 say 19.5
      Capital gain =26.5-19.5=7.00

      B . To save above tax on capital gain (7 Lakh ) you have to invest capital gain amount 7 lakh amountas under . Balance amount 19.5 lakh you can use as youw wish

      1. Capital gain Bond(54EC) (REC,NHAI)with 6 month from sale of house
      2. New house (U/s 54 with period as shown above in the post)

      C: You can do this as many time as you like ,no restriction ,Bonds upper limit is 50 lakh in a FY

      D No you can not as the house is older than one years.
      E. you have two options as per B above ,Best scheme you can select your own .Interest rate on bonds is 6 % per annum and interest is taxable.

  78. Dear Raja Babu:- awaiting your reply on below query dtd. 3 April 2013 6:20 pm.

  79. Rajababu thank you very much to help me short out my query.again thanks a lot.

  80. Professions that require special licenses range from law and medicine to flying airplanes to selling liquor to radio broadcasting to selling investment securities to selling used cars to roofing. Local jurisdictions may also require special licenses and taxes just to operate a business without regard to the type of business involved.

  81. i purchased residential house in joint names with my wife (service class) of rs 1250000 by taking housing loan of rs 750000 and took possession on 24042010 and selling this house on 15/07/2013 by rs 3000000/ after completion of 3 years of purchase.
    i paid interest of rs.350000/- till date while i am availing tax benefit on principal and interest payment on my yearly tax return since last 3 financial years. please let me know tax on capital gain and how can i save it.
    email - sanjeevjohri24@gmail.com

  82. I have purchased ready built house in 1998 for Rs 6,98,000/- by Bank loan and sold the house in march 2013 for Rs 26 lakhs. During Feb 2013 I have purchased a site for construction of House for Rs 10 lakhs by the adavnce given by the purchaser of my house and I have started construction with a budget of 15 lakhs.
    in the sale proceeds I have not deposited any money with capital gain account.kindly clarify whether I have to pay any capital gain tax.thank you


    1. Calculation of capital gain
      Sale price : 26 lakh
      indexed cost of house =6.98 lakh X 852/351=16.94
      capital gain =26-16.94=9.06
      As you have already invested more than capital gain amount ,so no need to deposit the balance amount in capital gain scheme .

      In fact you can use balance amount as you wish ,however house must be completed with 3 years

  83. Dera Raja Babu,
    Thanks for the reply and thank you very much.kindly inform me whether I have to file income tax returns for the year 2013-14. I have no other income than this.kindly clarify how to submit the details of the sold property and purchased details and construction details to IT authority
    thanking you

    1. As per rule no need to file income tax return , further if you want to file voluntary return then you should file itr-2

  84. Hi,

    I bought a land in Chennai in 1995. I'm buying a flat in the next 30 days. I plan to sell the land in in the next 12 months. What are the capital gains implications? Is it ok to buy and then sell? What is the time frame between the 2 events for offsetting the capital gains from the sale?


    1. You can save capital gain from sale of land only if you buy new flat with in one year before or two year after the date of transfer of land.

      Further you must not have more than one house other than new house on the date of transfer of land to claim deduction u/s 54F.

      suppose you will buy flat on 06/09/2013 then to claim deduction u/s 54F you must sell house before 06/09/2014.You may use our online calculator here

      Capital gain tax calculator

  85. Dear Raja Babu,

    This forum has really been very helpfull for people in getting their CG queries solved. Would be great help if you could resolve my query as well.
    I purchased a resale flat in nov 2012 and got it registered in same month. Now i have come across another under construction propery. I wish to book a flat in this property. Possession is expected by jan 2016.However, i will have to pay in phased manner during 2014 to 2016. If i sell my flat (purchased in nov 12) in dec 15 to mar 16, can i claim flat booked in dec 13 ( of which possession will be available by jan 16) as a new proprty for availing sec 54 exemption in respect cap arising from sale transaction? Thanks in advance.

    1. As per section 54 ,Construction of new house can be completed with in three year from transfer of old house.Further start of construction is not important and only completion is to be seen .
      In your case construction of new house has been started and it will be completed with in 3 years from transfer of old house ,so you can claim deduction u/s 54 . One thing you should keep in mind that you should complete transfer of old house before completion of construction of new house ,check schedule date from your contractor.

  86. I purchased a flat on May 31, 2013 for consideration 90 lacs using home loan amounting to 70 lacs. Subsequently I sold my old flat (held for more than 3 years) on Aug 15th, 2013 for sale consideration of 50 lacs
    Considering the cost of acquisition and indexation it resulted in long term capital gain of 30 lacs. I used this LTCG of 30 lacs subsequently to do part payment of my home loan of 70 lac on 15th Oct 2013.

    1. Will part pre-payment of 30 lacs towards home loan be considered as reinvestment of capital gain under section 54? I have a doubt because home loan could be interpreted as borrowed capital. So whether prepayment equal to capital gain (i.e. 30 lacs)will be considered as exemption under section 54?
    2. Will all of 30 lac qualify for exemption?
    2. Is my interpretation correct that only capital gain needs to be invested and not the sale proceeds (i.e. 50 lacs)

    Thanks in advance!

    1. Point wise opinion is given below
      1. Total 90 lakh amount will be considered for exemption u/s 54 .Source of fund is not important ,only purpose is important (residential house). So in our view even you have not repaid the loan from sale proceed then also you remain eligible to claim exemption u/s 54

      2.As earlier explained amount eligible is 90 lakh and also includes 3 as well.

      3. yes , your interpretation is correct ,only capital gain amount is required to be invested in new house u/s 54

  87. Thanks. You are doing a great job responding to so many CG related queries on this forum. Keep it up.

  88. Whether I am eligible to get income tax deduction benefits for home loan taken jointly with my wife for construction of house as the land is in my wife's name and the complete EMIs are being paid from my account

  89. I purchaseed a flat during 1999 for Rs. 18.5 lakhs and took improvement loan of Rs. 3 lakhs from bank during 2004 to improve the house. I sold the house during May 2013 for Rs. 67.5 lakhs and purchaces a new under construction flat in June 2013 and have paid the total cost of 69.5 lakhs which includees cost of apartment, corpus fund, vat, electricity deposit/ service tax, water connection charges etc. The registered value of the new flat is Rs. 45.5 lakhs as per registration done on 9th june 2014. what will be the value of new flat to be shown on ITR2 under section 54 while claiming exemptionl. I have receipts for total 59.5 lakhs . thanks for immediate reply.

    1. You should deduct amount of corpus fund , electricity deposit & water coneection charges from total receipt value .

  90. Dear Sir,

    My mother inherited a share of residential property from her mother i.e. my grand-mother in year 1991 for Rs. 60,000 (60 thousand)  as her share, which she sold off year  June'2013 for Rs. sixteen-lakhs as her share.  Amount received is completely reinvested in our first residential house as joint property with me i.e. her son.

    Other than this, she don’t have any other income.

    I am confused, is she Liable to file any ITR for AY 2014-2015 for any such LTCG.
    It will be kind of you, if you can let me know that Is it absolutely necessary to file NIL ITR for this LTCG.


    1. Yes , she has to file Her return .Further as the house has been purchased on Joint name, she can claim exemption/deduction u/s 54 only up to the amount of her share in the property. As you have not mentioned the value of new property, so we have assumed it as 16 lakh. and your share in property 50%

  91. What is considered as the year of purchase of property for LTCG purposes - the year of booking or year of registration of flat?

  92. Sir,
    I've sold the flat I was residing in for last 10 years and have used the entire amount to buy a new flat for residence purpose. I want to know which ITR should I file to show this transaction?
    Thanks in advance :)

  93. Hi,

    I am planning to purchase 2nd house property in Mumbai (Rs 2.2 Cr) presently under construction tentatively to be ready for possession by dec 16.  For the same along with housing loan from SBI (50%), I am also taking around 50% as loan from my friend.

    I intend to sell my current house just before possession of new house (purchased in 2009).  With the proceeds I would like to close my existing loan on my present house and loan taken from my friend. Loan from friend is actually to differ sale of my existing house (mitigating project delay risks).

    Will there be any capital gain implication on above considering new house is getting registered now (though under construction) which is more than a year before sale of my existing house however possession well within the time.  Please guide.

  94. Hi,

    Can you please help me with my question.

    I sold a house in July 2014 and made a profit. I had brought a plot in 2012 and constructed house on it.
    The house was completed sometime in Sep, 2013. I took home loan towards construction of new house.
    I invested some money from my own finance towards purchase and construction.

    Since the construction of new house was completed (Sep 2013) within a year of me selling the old house(Jul 2014), can I claim deduction under section 54 for the amount that was from my own finance.

    1. As per section 54 you can buy new house one year before and within two year from date of transfer of old house.Further you can construct new house within three years.

      You are not covered under none of above as you have constructed house before the sale of old house whereas requirement as per section is construction after the sale of old house but with in 3 years from date of transfer.

      In my view you can;t claim deduction

  95. Hi,

    Can you please help me with my question.

    I sold a house in July 2014 and made a profit. I had brought a plot in 2012 and constructed house on it.
    The house was completed sometime in Sep, 2013. I took home loan towards construction of new house. I invested some money from my own finance towards purchase and construction.

    Since the construction of new house was completed (Sep 2013) within a year of me selling the old house(Jul 2014), can I claim deduction under section 54 for the amount that was from my own finance.

  96. As per section 54 you can buy new house one year before and within two year from date of transfer of old house.Further you can construct new house within three years. You are not covered under none of above as you have constructed house before the sale of old house whereas requirement as per section is construction after the sale of old house but with in 3 years from date of transfer. In my view you can;t claim deduction

  97. Dear sir I have a house whose 3 yrs exemption limit from date of possession is Nov'15 and if I sell the property before Nov'15 and invest the entire amount in a New house property whose cost will be more than or equal to the proceeds from sale of the old house will i need to pay any tax.

    1. No,If holding period is less than 3 year then you can not claim further deduction by purchasing new house.
      To claim deduction u/s 54 the old house holding period must be more than 3 years

  98. Hi...
    I booked a flat in my name Noida in 2010 and got a Provisional Allotment letter. the flat is likely to be ready only by 2017. if now i wish to transfer it to my husband or son, what will be the cost implications

    1. As far as Income Tax is concerned it is treated as gift and gift to relative is not taxable .however if you transfer this house to your husband then income of this house(if any) will be clubbed back in your income.However clubbing is not applicable in case of son.

      In both cases capital gain is not applicable.

      Further transfer cost can be checked from your builder.

  99. Hi..
    I booked a flat in my name in Noida in 2010 and got a Provisional Allotment letter for the same. the flat is likely to be ready only by 2017. if now i wish to transfer it to my husband's or son's name what will be the cost implications to me?

  100. Dear Sir,
    My father received unlisted shares of a pvt unlimited company as bonus in 2009. he gifted some to me in Dec 2013. and in March 2014 i offered them back to the company in a buyback scheme. so does this qualify for LTCG or STCG in my case?

    1. It is covered in LTCG ,however exemption under section 10(38) not available being these are not sold through exchange (stt not applicable being offered in buy back)

  101. Thank you Sir.... This is indeed helpful..

  102. Sir, I have purchased one plot in 2008 at Rs.137300/- & taken housing loan of Rs.15 Lacs in 2012, now house is ready in last month, I sell the newly consturcted house at Rs.40 Lacs, I want to know about capital gain

  103. Thank you Sir the information was helpful.
    Sir in March 2015 the agreement to sell my residential property was made, at that time the purchaser paid me 5 lakh Rs, later on in July 2015 he paid me the remaining 10 lakh Rs on registration of property. Now I've two question on this.
    First in which A.Y. I should disclose my above capital gains.
    Second I have constructed one more floor to my house using the above capital gains will I be eligible for exemption under section 54 ? Sir please reply as soon as possible as the due date 31-08-2015 is approaching fast. Thank You

    1. As the transfer took place in Fy 2015-16 so correct assessment year is 2016-17.second question is controversial as court's Judgement in few cases decided that additional floor can be treated as new house and in few cases the benefit has been denied .

      As you have one year to study this ,you may do some research work on it

  104. Sir,
    To save from capital gain tax in following case Please advice.
    (A)sale of plot purchased by me in 1986 for 8000/- sold for Rs.15lakhs on 24/08/2015.
    Propose to sell another plot for Rs.30lakh (purchased for 16000/- in 1986)
    (B) I propose to pay the last installment due to the builder direct from the sale proceeds of Rs.15Lakh.
    (C) If I could get Rs,30Lakh from the sale of another old plot. LTCG how to account for
    (D) we have paid all the initial payments from savings to the builder partly by my wife and partly by myself.
    In this case the New property is purchased 5 or 6 months prior to sale of old plot purchased 30 years ago total sale proceeds=Rs.45lakhs.(15+30)
    Cost of the new flat bought 6 months ago is Rs.90lakhs.

    I do not have any existing residential house or flat in my name prior to purchase of the new flat. My wife and myself we are co owners and my wife is Co Borrower of the New Flat Costing Rs.90lakh.
    We both Paid from savings Rs.26lakh+Registration charges Rs.4.80lakh.
    Loan Sanctioned from LIC Rs.52lakhs. LIC Paid Rs.52lakhs to the Builder on 10th April 2015.
    Registration of Flat done on 12th June 2015.

    In the 2016-17 assessment year if returns are filed showing income from sale of old propertyRs.45lakhs LTCG Purchase of new property is 90Lakhs. DOES IT IMPLY THAT THE CAPITAL GAINS TAX IS EXEMPTED.
    OR to avoid LTCG I have to repay the LIC LOAN?

    Please guide me.

  105. Thank you Raja Babu for your prompt response.
    You seem to be doubtful about allowability of "the additional floor expense" otherwise you would have included the same in your article. Okay I'll do research on it, meanwhile if you find some material supporting my case then please tell me.

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