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Lastmodified:April14,2015RealEstate126Comments

HowtoCalculateCapitalgainonSaleofHouse?
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CapitalGainsTax
CalculateIncomeTax
PropertyonSale
Whatwillbethetaximplicationsformeormyfather/motheronsellingofhouse?Whatisthetaxliabilityonsellinghouse?Whatistaxliabilityon
sellinghouseifmyparentssellthehouseandgiftthesaleproceedstome?Thisarticletriestoanswersuchquestions.

OnSellingtheHouseorProperty
Whenyousellyourhouse,youareliabletopaytax.GainsorLosswhicharisefromthesaleofcapitalassets,suchasGold,DebtMutualFundand
PropertyetcaresubjecttotaxundertheIncometaxAct,undertheheadCapitalgains.ThetaxpaidonthisamountofcapitalgainsiscalledCapital
GainsTax.Conversely,ifyoumakealossonsaleofassets,youincuraCapitalLoss.ThisisexplainedinourarticleBasicsofCapitalGain
CapitalGainsforRealEstateorProperty
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CosttoSellaHouse
SellingaHouseasIs
CalculateMortgage
ForRealEstatethecomputationofcapitalgainsareasfollows:
Ifapropertyissoldwithinthreeyearsofbuyingit,itistreatedasashorttermcapitalgain.Thisisaddedtothetotalincomeandtaxed
accordingtotheslabrate.
Ifapropertyissoldafterthreeyearsfromthedateofpurchase,theprofitistreatedasalongtermcapitalgainandistaxedat20%after
indexation.
Ifyoutookpropertyonhomeloan,claimedthetaxdeductionfortheprincipalunderSection80Candpropertyissoldwithinfive

years,thetaxbenefitswillbereversed.Theentiretaxdeduction,forrepaymentofprincipalcomponentofthehomeloan,claimedin
earlieryearsundersection80c,willbeconsideredasyourincome(inadditiontocapitalgains)intheyearinwhichyousellthe
property.However,thehousingloaninterestdeductionclaimedundersection24(b)wontbereversed.
Whileyoucanavailofvarioustaxexemptionsincaseoflongtermcapitalgains,nosuchbenefitisprovidedforshorttermones.
Budget2014hasintroduced

AnamendmenttoSection54ECandfromFY1415i.e.AY1516onwards,theinvestmentmadebyanassesseeinthelongtermspecified
asset,outofcapitalgainsarisingfromthetransferofoneormoreoriginalassetorassetsaretransferredandinthesubsequentfinancialyear
doesnotexceedRs.50Lakhs
AnamendmenttoSection54FtobeeffectivefromFY201414i.e.AY1516andasperthisamendmenttheexemptionisavailableifthe
investmentismadein1residentialhousesituatedinIndia.
Anymoneyspentonimprovementbythesellerandthepreviousownerpriorto1April1981willbeignored.Forimprovementexpensesafter1Apr
1981,theindexedcostaspertherelevantfinancialyearwillbeaddedtothecostofacquisition
ShortTermCapitalGain=SalePrice
(CostofAcquisition+CostofImprovement+CostofTransfer)
LongTermCapitalGain=SalePrice
(IndexedCostofAcquisition+IndexedCostofImprovement+CostofTransfer)
IndexedCost=Costincurred*
(CIIoftheyearoftransfer)/(CIIoftheyearofAcquisitionorImprovement)

CapitalgainonSaleofHouseandIncomeTaxReturn(ITR)
Forsalariedperson,Ifyouhavemadecapitalgainsduringtheyear,youneedtofillITRForm2,asForm1isonlyforincomefromsalary/pension,
onehousepropertyandotherincomes(excludingfromlottery).ITRForm2,isfordeclaringincomefrom(sourcesotherthantheonedeclaredin
Form1)capitalgains,allhousepropertiesandothersources(includinglottery).
Fromwhendoesonecalculatethreeyearsonbuyingtheproperty?Willitbefromthedateofpossessionorthedateofallotment?
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PropertyTaxforHouse
RealEstateHouseSale
HouseSalebyOwner
SayonebookedaflatinJanuary2007andwasissuedanallotmentletterwiththefloorandflatnumber.Hegotthepossessionon1
December2014.IfhesellsthisflatinFeb2015,howwillthecapitalgainbecalculated?Willitbefromthedateofpossession(shortterm)or
thedateofallotment(longterm)?
Determiningthedateofpurchaseofflatsunderfinancingschemesisamatterofdebateandthereareconflictingviewsonthesubject.Oneview
isthatwhilecalculatingcapitalgains,thedateofallotmentistakenasthedateofacquisition.Bygettingtheallotmentletter,theindividualis
construedtohavereceivedtherighttothatpropertythepaymentofinstalmentismerelyafollowupaction.Therefore,inyourcase,thecapital
gainsshouldbelongterminnatureonthebasisofthedateofallotment.Theallotmentlettershouldhavethedetailsoftheflatintheproposed
building,yournameasthepurchaserofthepropertyoronethatgivesyouunconditionalrightstodisposeoftheproperty.
Saleofapropertythatisinheritedoracceptedasagiftwillalsoattractcapitalgain/lossprovisionseventhoughyouhaventspentanymoney
toacquireit.Forinheritedproperty,thecosttotheoriginalownerwillbeconsideredasthecostofacquisitionforcomputingcapitalgains.Ifthe
propertyhasbeenacquiredpriorto1April1981,theacquisitioncostwillbethecostincurredbytheoriginalownerorthefairmarketvalueofthe
propertyason1April1981,whicheverishigher
Howistheshorttermcapitalgaincalculatedonsaleofhouse?
Shorttermcapitalgainiscalculatedondifferencebetweenthesaleandpurchaseprice.Amountoftaxdependsonthetaxslabofperson.Currenttax
slabsare10%,20%and30%.OurarticleUnderstandingIncomeTaxSlabs,TaxSlabsHistoryexplainsthetaxslabindetail.YoucantryourCapital

GainCalculator
IboughtaflatforRs15lakhinApril2012withahomeloanandgotthetaxbenefitduring201213and201314.Isoldtheflatin
March2014forRs22lakh.Whatarethetaximplicationsofthisdeal?
Asyouhavesoldtheflatwithinthreeyearsofbuying,thegainswillbeaddedtoyourincomefortheyear201314andtaxedaccordingly.Inthe
highest30%taxbracket,thetaxcomestoroughly30%of7lakh(22lakh15lakh)i.eRs2.1lakh.Ifyouhadclaimeddeductionforprepaying
theprincipalunderSection80Cinthepreviousyears,thetaxbenefitswillbereversedbecausethepropertywassoldwithinfiveyears.
YoupurchaseanewhouseforRs15lakhandclaimadeductionofRs8lakh.NowsupposeyousellthishouseaftertwoyearsforRs25
lakh.
Theexemptedamountwillbedeductedfromthepurchasecostforcalculatingthecapitalgaininthenextfiveyears.Asyousoldthehouse
within5years,thetaxexemptionswillbereversed.YouractualprofitisRa10lakh(Rs25lakhRs15lakh).Butasyouhadclaimeddeduction
whichneedstobereversedyourcapitalgainwillbeRs18lakh=Rs10(Rs25lakhRs15lakh)anddeductionsclaimed(Rs8lakh).
LongTermCapitalGainandIndexation
Advantageassociatedwithlongtermcapitalgainsisfactoringofinflationwhiledeterminingtheprofitbywhatiscalledasindexation.Inflation
reducesthevalueofanassetovertime.Theconceptofindexedcostallowsthetaxpayertofactorintheimpactofinflationoncost.Consequently,a
loweramountofcapitalgainsgetstaxedthanifhistoricalcosthadbeenconsideredinthecomputations.TouseIndexationmultiplytheoriginalcost
pricewithafactorthatisissuedbytheCentralBoardofDirectTaxes.Thisfactortrackstheincreaseinthegeneralpricelevel,orinflation,andis
knownasthecostinflationindex(CII).Itisnotifiedbythecentralgovernmentforeveryfinancialyear.TheIncomeTaxActconsiders198182asthe
baseyearwithacostinflationindexof100.So,theCIIfor198283is109,andsoon.OurarticleCostInflationIndexfromFinancialYear198182to
FinancialYear201112coversCostInflationindexindetailandourarticleCostInflationIndex,IndexationandLongTermCapitalGainsexplainson
howtocalculateLongtermcapitalgains.
Ifyoupurchasedyourpropertyin1994(199495)forRs.10lakhandsoldit(in201415)forRs.1crore.Thus,thebasiccapitalgainonthissalewill
beRs.90lakh,onwhichthetaxchargedwillbe20%i.eRs.18lakh.However,ifyouapplyindexation,thecapitalgainreducestoRs39lakh,and
theresultanttaxoutgotoRs7.8lakh.
SaveTaxByBuyinganotherproperty
YoucanclaimtaxexemptionunderSection54onthelongtermcapitalgainonthesaleofahouse.Toavailofthisexemption,youmust
Usetheentireprofittoeitherbuyanotherhousewithintwoyearsor
Constructoneinthreeyears.
Ifyouhadalreadyboughtasecondhousewithinayearbeforesellingthefirstone,youcouldstillavailofthetaxexemption,
YoucanalsoutiliseSection54Ftoavailofexemptiononthelongtermcapitalgainmadefromthesaleofland(actuallyitisanyassetotherthana
house).Again,thesaleproceedsshouldbeinvestedonlyinaresidentialproperty,notacommercialpropertyoravacantplotofland.However,to
availofthisbenefit,youshouldnotownmorethanonehouse.
IfyousellthepropertydeductionunderSection54F/ECisonthegainallowed.Butifyouselllettheentiresaleproceedsareinvestedina
newhouseorusedtobuildanewhouse.Ifyouuseapartofthemoney,thedeductionwillbeproportionoftheinvestedamounttothesaleprice.
SaveTaxwhenyoudonotbuyanotherproperty
Butwhatifyoudontwanttobuyapropertyatallwiththecapitalgain(LTCG)amount?Youcanstillgettaxexemption.Thelongtermcapitalgain
taxcanalsobesavedunderSection54ECifthecapitalgainisinvestedforthreeyearsinbondsoftheNationalHighwaysAuthorityof
IndiaandRuralElectrificationCorporationLimitedwithinsixmonthsofsellingthehouse.However,youcaninvestonlyupto50lakh.Moreonitis
given.
IamsellingoneofthetwohousesIown.CanIavoidthecapitalgainstaxbydepositingtheproceedsintheCapitalGainsAccount
Scheme(CGAS)?CantheCGASdepositbewithdrawnwithinayeartobuyanotherhouseoristherealockinperiod?
TherearetwotypesofCGASaccounts:TypeAisakintoasavingsaccount,whileTypeBworkslikeafixeddeposit.Youcanopenanaccount
withanyleadingPSUbank.However,thedepositinCGASisonlyaninterimmeasuretohelpyouavoidlongtermcapitalgainstaxintheyear
thatyouselltheasset.Theactualliabilitycanonlybeavoidedbyeitherpurchasingorconstructinganotherhousewithinthemandatedtime
period.TheTypeBCGAShasasoftlockinperiodsimilartoanyfixeddeposit.Hence,prematurewithdrawalsmayattractapenalty.Thereisno
suchrestrictioninTypeAaccounts.However,longtermcapitalgainstaxwillhavetobepaidonalldepositsintheCGASthatarenotutilised
afterthreeyearsoftheinitialdeposit.AnywithdrawalsfromCGASareusuallypermittedonlyafterfillingupaform,whichexpresslystatesthe
purposeofwithdrawal.Themoneymustbeutilisedforthestatedpurposewithin60daysofwithdrawal.

LongtermCapitalGainforNRIs
AccordingtothelatestamendmentsintheIncomeTaxAct,theresidentialpropertyboughttoreinvestlongtermcapitalgainonsaleof
propertymustbesituatedinIndia.IfonewantstobuyhouselocatedintheUS,heneedstopaytaxonthecapitalgainportionofthesaleproceeds.
Thisgainiscalculatedafterreducingtheinflationindexedcostofthepropertyfromthesaleproceeds.Youcanalsodepositthecapitalgainamountin
thecapitalgainsaccountschemeofspecifiedbanks,andpurchaseahouseinIndiawithintwoyearsorconstructahousewithinthreeyears.This
amount,ifunutilisedforthesaidpurpose,becomestaxableinthethirdyearofthesaleoftheoriginalproperty.

References:IncomeTaxInformationSeriesHowtoComputeCapitalGains(pdf)
OnSellingahouse
BasicsofCapitalGains
CostInflationIndexfromFinancialYear198182toFinancialYear201112
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Capital,CapitalGain,House,property,sell

126ResponsestoHowtoCalculateCapitalgainonSaleofHouse?
1.

Nandakumarsays:
March8,2016at9:31PM
wehaveAncestralpropertywhichmymotherinheritedin1995,andduetothediplationstateofthebuilding,decidedtoenterintoa5050
Jointventure,inOct2003,todemolishandreconstruct.thebuilderconstructed2blocksof4flatseach.withoneblockhandedovertomy
motherandthebuildersoldallthe4flatsintheotherblock[betweenmayJul2005].therewasnocashtransactionbetweenmymotherand
thebuilder.InOct2014,mymothersettled1portion/flatinmyname.andihadsoldthesameinJuly2015.onlydocumentswehaveisthesale
deedthatmymothersignedwhen4buildersflatsweresold.
forcomputationofLTCG,pleaseletknow,ificanconsiderthesalepriceoftheflatssoldbythebuilderasthecostofacquisition/costof
Improvement,ofthe4flatsmymotherhadandtherebycomputethecostperflat.
orshouldionlyconsidertheFairmarketvalueof1981.
Reply

2.

pandabsahoosays:
March7,2016at9:51PM
Ihadpurchasedalandintheyear2004amountingRs150000.00.NowIwanttosellitforRs900000.00.MyquestionisIwanttoutilizesale
proceedinconstructionofmyfirstflooralongwithbankloan.WhetherIameligibleforcapitalgaintaxundersection54(F)orIhavetopay
20%ondifferenceofindexprice.
Reply

3.

AnandKarmarkarsays:
March6,2016at5:13PM
IhavesalemyflatlessthanrateprescribedbyMaharashtragovernment.whichpricedidiconsidertheactualoneorprescribeforcalculating
capitalgaintax
Reply

4.

VIVEKRANAsays:
February28,2016at1:56PM
canmyfatherusethecapitalgainfromasaleofresidentialpropertyfortherepaymentofmyhomeloan.Isthereanytaxliabilityonmeormy
father
Reply

5.

canhothamluongsays:
February26,2016at2:24AM
Igotthiswebsitefrommybuddywhosharedwithmeconcerningthis
websiteandatthemomentthistimeIamvisitingthiswebsiteandreadingveryinformative
contentatthisplace.
Reply

6.

Pankajsays:
February8,2016at2:48PM
Hello,
MyFatherhasbroughtonehomein1992atcostof100,000Rsandsoldin2016Janat20,50,000Rs.
Howmuchtaxheispayblenow?
Webroughtonenewhome(Agreementisregisteredonmyname,mywifesnameandfatherTotal3ownersoftheflat)at35,00,000Rsoutof
which28,00,000rsihavetakenashomeloanand7,00,000Rsismyowncontribution.

Howcanwehistaxes?
Reply
7.

BiswajitMitrasays:
February5,2016at3:04AM
IbookemyflatonFebruary2011.ThenIappliedforloanfromIDBIbank.IDBIsanctioned1975000asloan.Firstpartpaymenttothe
promoterbyIDBIbankwasmadeonAugust2011.ForthenextoneyearIonlypaidtheinterest.notthePrincipal.AfteroneyearIstartedto
payEMI.ButItooktaxbenefitforthefinancialyears20112012,20122013,20132014,20142015.IgotpossessiononNovember2013.The
costofmyflatwas24,64,400/excludingtheregistrationcostandextracost.Thetotalcostincludingallthecostraisedto29lakhs(approx).But
nowIamsellingmyflatat26lakhs.Thevaluationoftheflatatpresentismorethat39lakhs.DoIneedtopayIncometax?
Reply

8.

MKVishwakarmasays:
January30,2016at7:16PM
IhadpurchasedaFlatin2005andhadbookedanotherFlatinFeb2013fromabuilder.TheFlatbookedshallbereadyinJuly2016.
Inthemeantime,IhavesoldtheearlierFlatinAug2015.
MyquestioniswhetherIcanclaimexemptionontheCapitalGainTaxonaccountofthenewFlatBooked?
Needaresponseurgently.
Thanksinadvance.
Reply
bemoneyawaresays:
February1,2016at6:57PM
Ifapropertyissoldafterthreeyearsfromthedateofpurchase,theprofitistreatedasalongtermcapitalgainandistaxedat20%after
indexation.Theindexationofpurchasepricehelpstoreducethenetcapitalgain,therebyslashingthetaxburdenfortheseller.Asyou
purchasedFlatin2005andsoldinAug2015yourgainislongtermcapitalgain.
Whenyousellyourhouse,youareliabletopaytax.ThetaxpaidontheamountofcapitalgainsiscalledCapitalGainsTax.Thesale
proceedswillbecalculatedonthebasisofthevaluationadoptedbythestatesStampDutyandRegistrationAuthorityandwillnotbethe
amountmentionedinthedeedofconveyance.
PurchasingAnotherProperty:TheIncometaxactallowsexemptiononcapitalgainstotheextentthesehavebeeninvestedinpurchasing
anewhouseproperty.
Youhavetoinvesttheamountofcapitalgainsandnottheentiresaleproceeds.
Thesaleproceedsshouldbeinvestedonlyinaresidentialproperty,notacommercialpropertyoravacantplotofland.
YoushouldnotownmorethanonehouseandinIndia(fromAY201516)
YoucanclaimtaxexemptionunderSection54onthelongtermcapitalgainonthesaleofahousebyusingtheentireprofittoeitherbuy
anotherhousewithintwoyearsorconstructoneinthreeyears.
NowcatchisdateforbuyingnewhousewouldbeFeb2013orJul2016.thisdependsontheinterpretationbyAssessingofficer.There
areloopholesininterpretationoflaw.YouverifywithyourtaxconsultantorCA.
Reply

9.

Santoshmahapatrosays:
January28,2016at9:25PM
Sir,
Ineedhelp..
Ihvpurchasedflatindec2004for5LandsellingtheflatinFebruary2016for22L.
Atthesametimepurchasingaflatfor75L,outofwhichIamtakingloanof70L,andremainingamountwanttospentfromtheflatsale.
OtherremainingamountIwanttospentforself.
CouldyouplshelptoidentifyifIneedtopayanyincomtaxorwhatismysituation.
Thanksinadvance.
Reply

10.

HBKsays:
January25,2016at1:06PM
Howisthepurchasedateofpropertydetermined?
Ihavemade100%paymentforthepropertybyRTGSinJan2015.ButIhavenotyetregisteredtheproperty(itisnewpropertyfullyreadyfor
occupancy)norhaveItakentheposessionoftheproperty.
SupposeIeventuallyregisterthepropertyinmynameandtakepossessioninJan2017,andsellthepropertyinJan2019(4yearsfrommaking

fullpaymentand2yearsafterposession)
InthiscasewillIpayinglongtermorshorttermcapitalgains?
Reply
bemoneyawaresays:
January25,2016at9:11PM
ItisveryimportanttofindoutthedateofpurchaseofthepropertybecauseitisthisdatewhichwilldeterminethenatureofCapitalGain
namelywhethertheGainisaLongtermCapitalGainoraShorttermCapitalGain.
Thereislotofconfusion.
TosaveyourCapitalGainTax,theSaleDeedorthePurchaseDeedwouldbethevaliddocumenttodeterminethedateofpurchaseorthe
dateofsale.However,whenthepropertyispurchasedininstalments,theletterofpossessionwillbethedateforsuchpurpose.Finally,
theanswerwilldependonthefactsandcircumstancesofeachcase.
SomesaythatDateofallotmentistobetakenasdateofpurchase.Andwhenyouregisterthepropertydateofpossessionistakenasdate
ofpurchase.
IfyougothroughthearticleTaxonSaleofUnderConstructionProperty,Indexation&BenefitU/s.54/54ECyouwouldgetreference
tocases.
Reply
11.

LATANITINSHETEsays:
January17,2016at5:46PM
SirIpurchasedpropertyin1997&soldin2015,atthetimeofbuythevalueis4,40,000/&takethebenefitunder80cupto2002&soldfor
Rs.15.61howmuchwillbetax.
Reply

12.

Neerajsays:
January16,2016at1:42PM
Excellentarticle!
However,Ineedclarificationforthefollowingcase
We(mymother,mybrotherandmyself)soldthepropertyabout6monthsbackthatwasinthenameofmylatefather.CanIandmybrother
utilizetheproceedstorepaytheloanofproperty(a)whosepossessionhasbeentaken(b)whosepossessionisduewithin6months.Alsocan
ourmotherforegohershare?
Also,canthesaleproceedutilizedtomeetexpensesonaccountofregistryofproperty,electricityandwaterconnectionchargesetc.?Inother
words,dothesecomponentsgetcountedinthecostofpropertybeingpurchased
Reply
bemoneyawaresays:
January17,2016at11:46AM
Questionis:propertywasinwhosenamewasitnameofyourfather?Wasthereawillwhichgavetherightsofpropertytoyou.
ForexampleMrArorapurchasedapropertyon1stAugust2004forRs75lakhs.Nehainheritedthispropertyfromherfatherin2012,
howevershedecidestosellthishouse.InMay2014,NehasoldthishouseforRs1.8crores.Inthiscase,costforcalculatingNehasgain
shallbeRs75lakhsandthecostshallbeindexedsinceitsalongtermcapitalgain.Forthepurposeofindexation,theCIIfor200405
shallbeconsidered.ThereforecostforcalculatingcapitalgainsforNehashallbeRs75lakhsxCIIof201415/CIIof200405=75lakhs
x1024/480=Rs1.6Crores.ThereforenetgainforNehaisRs20lakhs.Donotethatthedateoryearofinheritanceareofnoimportance
inthiscalculation.
Ifyouallhaveinhertitedthepropertythenyouhavetocalculatethecapitalgainanddivideitby3ifinheritedequallyorinproportionto
whatyouhaveinherited..Yourmothercangifthercapitalgainstoanyadultchildwithoutanytaxobligation.Capitalgainis20%of
differencebetweenindexedcostandsellingprice.
Youeachhavetoaddcapitalgainstoyourtotalincome.
Youcansavethecapitalgaintaxin3ways.Oneofthewayis:
PurchasingAnotherProperty:TheIncometaxactallowsexemptiononcapitalgainstotheextentthesehavebeeninvestedinpurchasing
anewhouseproperty.
Youhavetoinvesttheamountofcapitalgainsandnottheentiresaleproceeds.
Thesaleproceedsshouldbeinvestedonlyinaresidentialproperty,notacommercialpropertyoravacantplotofland.
YoushouldnotownmorethanonehouseandinIndia(fromAY201516)
YoucanclaimtaxexemptionunderSection54onthelongtermcapitalgainonthesaleofahousebyusingtheentireprofittoeitherbuy
anotherhousewithintwoyearsorconstructoneinthreeyears
FormoredetailspleasereadourarticleCanCapitalGainsonSaleofHousebeusedtopayHomeLoan
Reply

13.

RajeshSharansays:
January13,2016at6:07PM
Sir,
Isoldapropertyandinvestedthecompleteamountinanotherpropertybeingbuiltbyapropertydeveloperwithinonemonthofsale.The
developerintheagreementplanstocompletetheprojectbefore42months.Theallotmentletterwasissuedtomewithinoneyear.Sincethe
projectistobecompletedwithin42monthsandnot36months.AmIeligibleforexemptionfromcapitalgains.
Thanks
Rajesh
Reply
bemoneyawaresays:
January14,2016at4:14AM
Ifthebuilderofthenewresidentialconstructionfailstohandoverthepropertytothetaxpayerwithin3yearsofpurchase,theexemption
isstillallowed.YoucanrefertovariouscasesinthearticleCapGainexemptionifconstructionisnotcompletedbefore3years
Reply

14.

Azadsays:
January12,2016at5:38PM
Goodreading.
ForLongTermCapitalgain::
IsthereanytaxsavingifpropertyownedbybothHusbandandWife
isthecalculationflat20%oronslabslikeITreturns?
Reply
bemoneyawaresays:
January13,2016at4:58AM
Thanksforappreciating.
Ifthepropertyisownedbybothhusbandandwifethecapitalgainswillbedivided.
Calculationis20%onindexationafter3yearsirrespectiveoftaxslabs.
Reply

15.

Sanjaysays:
January9,2016at2:27AM
IbookedandwasallotedaresidentialflatinOct2011forINR25,14,897.ItwasregistetedinJan2012,gotpossesion(withoutOC)inDec
2015andOCisexpectedin9months.IwanttoknowthetypeandamountofmytaxliabilityifIsellitinJan/Feb2016forINR35,00,000.
Reply

16.

nasreensays:
January8,2016at9:35PM
iamanNRIipurchasedhousesitein2013forRs.8.0Lakhsandsoldthesamein2015forRs.15Lakhsbythistransactionibecomeshortterm
gainerNowiwanttoinvestthegainedamountbypurchasingotherhousesite.ihavetoinvestthetotal15Lakhstogettheshorttermgain
examtionorthedifferenceof9Lakhgainedamountisenough.
AsiamanNRIisthereanyotherspecialrebateicanavail.pleaseletmeknow.
Reply

17.

Maheshsays:
January7,2016at1:01PM
Sir,
Ihavetwoquestions.
Supposeaflatpurchasedin199394(indexnumber244)for2lakhsissoldin20152016(indexnumber1081)for15lakhs.Asperindex
calculations,theactualcostwillbe2x1081/244=8.86L.Hencethecapitalgainwouldbe(158.86)=6.14Ls.IfIhavetoavailtax
exemption,Ihavetopurchaseanotherflatwithintwoyears(thatis,before2018).Tillthattime,Ihavetoputtheamountinseparateaccount
calledcapitalgainaccount.Ifthisisright,now,myquestionsare:
1)WhatistheamountIhavetodepositinthiscapitalgainaccount?DoIneedtodepositentiresaleprice(15L)ORonlythecapitalgain
amount(6.14L)?

2)IfIamunabletobuyanotherflatbefore2018,howmuchcapitalgaintaxtobepaid?Isit20%(of6.14L)ormore?
Kindlyclarify
Thanksandbestregards
Mahesh
Reply
18.

Jamessays:
January5,2016at10:29PM
Hi
Myfatherpurchasedapropertyin21/5/2010worthof283000andheregisteredthepropertytomethroughsalesdeedsnotthroughgift,insales
deedspropertyvalueiswrittenas718000on30/4/2013.Incomenoticehascomeregardingcapitalgaintax.Isthereanywaytoprovethatthere
isnomoneytransferredinthiscaseanditsbeenregisteredtosonbyfatherandifsowillitsavethecapitalgaintax?
Reply

19.

AshishMehrasays:
January4,2016at7:56PM
IpurchasedaHUDAplotinresaleinMay2010forRs.10lakhs.PaidanotherRs.10lakhsduestoHUDAinAug.,2014Iconstructedhouse
ontheplotduring2015andspentRs.35lakhsonconstruction.HousehasrecentlybeensoldforRs.1.10cr.PleaseadvisewhetherIamtopay
longtermcapitalgain,becausetheplotwaspurchasedin2010butconstructedin2015.Alsopl.adviseamountoftaxapplicable.
Reply
bemoneyawaresays:
January6,2016at5:17AM
Ashishtherewouldbetwodifferenttransactions:
1.SellingofLand:TimeperiodMay2010tosellingin2015
2.Sellingofhouse:TimeperiodfromConstructioncompletedtoselling
Reply

20.

SURESHsays:
December15,2015at3:10PM
MyagreementtosaledateisJune2010.Howevermyapartmentdeal(saledeed)isJuly2013.IhavereceivedtheallotmentletterfromBuilder
onJune2012.NowifIwanttoselltheflat,whichdateIshouldtakeforcapitalgaintaxpurpose,AgreementtoSaledateordateofallotment
orFlatDeeddate?IfItakeagreementtosaledate,itwouldfallunderlongtermcapitalgain.However,ifIusethedateofFlatDeed,itwould
fallundershorttermcapitalgain.PleaseadvisewhichdateIshouldtake?
Reply

21.

Ashishsays:
December12,2015at9:33PM
Hi,
Ihavepurchasedaflatin31.08.2015forRS26,00,000/(totalvalueRS31,00,000/inclusivestampdutyandimprovementcharge)whichi
havesoldon08.09.2015forRS56,00,000..NowIhavepurchasedaflatfor63,50,000/(totalcondensationinclusiveimprovementand
registrationchargeisRs75,00,000)byavailinganewhomeloanofRs60,00,000/
canyouadvicemehowmuchwillbemylongtermcapitalgaintax.
Regards
Ashish
Reply

22.

JPsays:
December11,2015at2:41PM
IamanNRIandhadinvestedinaflatinMumbaiinJanuary2003forIRS21lakhsandintendtosellthesameinJanuary2016@IRS1crore.
IalsoownasecondflatinKochiboughtin2009.
Myqueriesareasfollows:
1.WhatwouldbebyLTCGtaxliabilityifItaketheentireSalesumabroad?
2.CanIgetaLTCGtaxexemption,ifItaketheIndexedSalevalueabroadandinvesttheportionattractingLTCGintoanotherResidential
projectinMumbai?

BestRegards,
Junas
Reply
23.

VPsays:
December11,2015at2:39PM
CouldyoupleaseadvicehowthetreatmentofLTCGinthefollowingscenarios.
IamanNRIandhadinvestedinaflatinMumbaiinJanuary2013forIRS21lakhsandintendtosellthesameinJanuary2016@IRS1crore.
IalsoownasecondflatinKochiboughtin2009.
Myqueriesareasfollows:
1.WhatwouldbebyLTCGtaxliabilityifItaketheentireSalesumabroad?
2.CanIgetaLTCGtaxexemption,ifItaketheIndexedSalevalueabroadandinvesttheportionattractingLTCGintoanotherResidential
projectinMumbai?
BestRegards,
Junas
Reply

24.

Ashoksays:
December11,2015at11:41AM
IhaveboughtaResidentialflatin2001around5,75,000andSoldthehouseinApr2015@34,00,000.inwhich.80%oftheamountwas
throughloanwhichwasclosedinfeb2014afterpayingremaingloanamountfrom34,00,000/.IhavepurchasedresaleflatinApr2014@
30,00,000/inwhichIhavetaken12,00,000/Housingloanfrombank.sohowmuchtaxIhavetopay,Pleasetellmeifthereisanytax
applicable.
Reply

25.

SatishKhadesays:
December8,2015at8:24PM
Hi,
Isoldoneflatyesterdayi.einDec15whichIbaughtinNov12,soitwillattractlongtermtax.Irecentlybaughtresidentialplotfor
constructionofahouseinSept15(2monthsback).CanIshowcapitalgainarisingoutofflatselltowardsplotIpurchasedandIwillbuild
houseonthesame.Onlytrickypartisplotisbaughtbeforesellofaflat.IknowthiswouldhaveworkedifIwouldhavebaughtflat,butisit
OKforplotforconstructionofahouseaswell?
Thanks,
Satish
Reply

26.

bennyjosephhsays:
December8,2015at4:28PM
Ihavepurchasedmyhousefor4lacksin2003andnowIamsellingitfor1.25crorein2015andwanttobuyanotherhousefor80lacksso
howmuchtaxIhavetopay
Reply
bemoneyawaresays:
December9,2015at5:22AM
UsingtheCapitalGainCalculatorandassumingyouboughthouseafter1Apr2003.IfitsbetweenJanto31Mar2003CIIof2002will
beused.Yourcapitalgainisaround23lakhs(23,13,218.14/2306532.44).
Youcansavethetax,longtermcapitalgainbyinvestinginanewhouse.Soifyouareplanningtobuyhouseworth80lakhyouwould
nothavetopayanytax.
Differencebetweensaleandpurchaseprice:12100000
CIIofthePurchaseYear:2003month:Apr:463
CIIoftheSaleYear:2015month:Jul:1081
PurchaseIndexedCost:933909.29

Differencebetweemsaleandindexedpurchaseprice:11566090.71
LongTermCapitalGainwithindexation(at20%):2313218.14
IfhouseisboughtinJanMar2003
nvestmentType:RealEstate
Timebetween:12years153days
GainType:LongTermCapitalGain
Differencebetweemsaleandpurchaseprice:12100000
CIIofthePurchaseYear:2003month:Feb:447
CIIoftheSaleYear:2015month:Jul:1081
PurchaseIndexedCost:967337.81
Differencebetweemsaleandindexedpurchaseprice:11532662.19
LongTermCapitalGainwithindexation(at20%):2306532.44
Reply
bennyjosephsays:
December9,2015at8:49AM
Thanksfortheadvice
Reply
27.

SCSsays:
December4,2015at3:54PM
Hi
Ihavesoldmyapartmentpurchasedat18.75lakhsin2005whichIhavesoldin2015for32Lakhs.80%oftheamountwasthroughloanwhich
wasclosedafter7years.
Iamplanningtoinvesttheentireamounttobuyonemoreapartmentinabetterlocation.
CanyoupleaseletmehowtaxwillIhavetopay.
Reply
bemoneyawaresays:
December4,2015at7:16PM
Youdonthavetopayanycapitalgain.InfactyouhaveLongtermcapitalloss.
AssumingyouboughtbetweenApr2005toMar2006andsoldbetweenApr20015toMar2016
Differencebetweensaleandpurchaseprice:1325000
CIIofthePurchaseYear:2005month:Apr:497
CIIoftheSaleYear:2015month:Apr:1081
PurchaseIndexedCost:4078219.32
Differencebetweensaleandindexedpurchaseprice:878219.32
LongTermCapitalGainwithindexation(at20%):175643.86
Reply

28.

Satyasays:
November29,2015at7:10PM
Sir,
IpurchasedasitethroughaRegisteredSocietyduringtheyear2000,(inBangalore)atanominalcostofRs.200/persqft.Thesiteis
transferredinmynamebypayinganominalstampdutyatregistrarsoffice.Itisnotthroughsaledeed.ItistransferfromSociety.Now,Iwish
tosellthesite.Ineedtogetthesiteregisteredinmynamebeforeselling,asthecurrentprospectivebuyersneedSaleDeedtoobtainLoan.
WhileregisteringthesitetheguidancevalueappliedcouldbeRs.5000/persqft.andsuitablestampdutyandotherchargeshavetobepaidby
me.ImmediatelyIwillsellthesiteforthesameguidancevalueofRs.5000/andgetthesiteregisteredinthebuyersname.InthiscasedoI
needtopaycapitalgainstax?AsIregisteredandsoldthesiteatthesamerate,canIconsideritasnocapitalgains?
Iappreciateyourresponse.
Thanks
Satya

Reply
29.

UKsays:
November24,2015at1:13PM
Hello,
Aftermyfathersdeath,mymothersoldapartofourfamilylandandtransferredtheproceedstometohelpinclosingmyhomeloan.
Thelandwaspurchasedintheyear1967andsoldthisyear2015.
Myhomeloanwastakenintheyear2008.
Question:DoIneedtopayanyCapitalGaintaxifIintendtousetheentiresaleproceedstowardsclosingthehomeloan?
Thanksforyourvaluableresponse.
Reply
bemoneyawaresays:
November25,2015at5:50AM
Questionsthatwehaveare:
1.WaslandinyourmothersnameoryoualsohadashareinthelandasWhoeverownsthelandhastopaycapitalgainprofit/loss.
2.Wasthemoneyyougotwasagiftfromyourmother?
3.Didyouhaveanylongtermcapitalgainfromsaleofland?LTCGisexemptedfromtaxifanewhouseispurchasedbeforeoneyearor
aftertwoyearsfromthedateofsaleofahouseproperty.
Exemptionisavailableforreinvestmentorpurchaseofaproperty.Inyourcase,youhavealreadypurchasedapropertyonloanandso
repaymentofhomeloandoesnotmeanpurchaseofanewproperty.
Landisashorttermcapitalassetwhenheldfor36monthsorless.Ifheldformorethan36monthsitisconsideredalongtermcapital
asset.
IncaseofLongTermCapitalAssets,theonlydifferenceis,oneisallowedtodeductIndexedCostofAcquisition/IndexedCostof
Improvementsfromthesaleprice.IndexationisdonebyapplyingCII(costinflationindex).Thisincreasesyourcostbase(andlowers
yourgains)sincethepurchasepriceisadjustedfortheimpactofinflation.
LTCGaretaxedat20%
Socalculatetheownerslongtermcapitalgain/loss.
Reply
UKsays:
November25,2015at11:29AM
Thanksforyourreply
Responsetoyourqueriesaregivenbelow:
1.Aspermyfatherswill,mymotherwouldownthepropertyaftermyfathersdeathandaftermymother,tomeandmysister.
Hencemymothersoldthepartoflandthatwouldhaveeventuallycometome.
2.Afterthesale,theproceedsweretransferredtome,soitcouldbetermedasGift.Isthatright?
3.AftertherepaymentofloanifIreinvestinanewpropertywithin2years,willtherebeexemptionfromLTCG?
Reply

30.

Arindamsays:
November17,2015at6:37PM
Dearsir,
Plzhelpme.Myincomemainlyfrombankandpostofficefixeddeposit.Ihavealsosomeshareandncd(nonconvertabledebenture).Iearneda
littleamountthroughprivatetution.CombineallIearnedlessthan2lac.SoIneversubmitataxreturn.Butaftermyfathersdeathlastyear,I
soldrecentlyafamilylandfor8lac.Iwanttoinvestfull8lacinCapitalgainbond.
Nowwhattodo?
1.Ihavetosubmitincometaxreturn?ornot..
2.ifyes.then,,,whatform?Iamnotasalariedpersonand..canIfilethroughinternet?
Reply
bemoneyawaresays:
November18,2015at5:33AM
Sadtohearaboutyourfather.Ourcondolencesarewithyouandyourfamily.
Firstyouneedtocalculatethecapitalgain.Capitalgainonlanddependsonhowlongyouhadtheland?

Ifyouhaditfor3yearsormorethanyouhavetopay20%ofcapitalgainorprofit.
Ifyouhaditforlessthan3yearsthanyouhaveto
Youneedtofindpriceandyearofpurchase.
MrArorapurchasedapropertyon1stAugust2004forRs75lakhs.Nehainheritedthispropertyfromherfatherin2012,howevershe
decidestosellthishouse.InMay2014,NehasoldthishouseforRs1.8crores.Inthiscase,costforcalculatingNehasgainshallbeRs
75lakhsandthecostshallbeindexedsinceitsalongtermcapitalgain.
Forthepurposeofindexation,theCIIfor200405shallbeconsidered.ThereforecostforcalculatingcapitalgainsforNehashallbeRs
75lakhsxCIIof201415/CIIof200405=75lakhsx1024/480=Rs1.6Crores.
ThereforenetgainforNehaisRs20lakhs.Donotethatthedateoryearofinheritanceareofnoimportanceinthiscalculation.
Soyoufindyourcapitalgainfirst.Thecapitalgains,ifany,onsaleofinheritedpropertyshallbetaxableinyourhands.
LTCGcanbeclaimedasexemptfromtaxbyreinvestingthegainsinonenewresidentialpropertylocatedinIndia,aspersection54of
theIncometaxAct,1961.Theinvestmenthastobemadewithinthespecifiedtimeframes,i.e.,withinoneyearpriortosaledateortwo
yearsfromthesaledateorwithinthreeyearsforanunderconstructionproperty.
IfyouareunabletoreinvesttheLTCGintonewhousebeforefilingthetaxreturnforthefinancialyear(FY)ofsaleofhouse,thenthe
unutilizedbalanceLTCGshouldbedepositedintotheCapitalGainsAccountScheme(CGAS)beforetheduedateoffilingyourpersonal
taxreturn.
TheamountdepositedintoCGASshouldbeutilizedforpurchaseofanewhousewithinaforesaidtimeframes.Ifyouareunabletodo
so,theunutilizedamountshallbetaxableasLTCGintheFYinwhichthreeyearsfromsaleofoldpropertylapse.
Youcanalsoinvestitinspecifiedbondsissuedby,say,theNationalHighwaysAuthorityofIndiaorRuralElectricCorpLtd,under
section54EC.
InvestmentshouldbemadewithinsixmonthsfromsaledateofpropertysubjecttothresholdofRs.50lakhandfulfilmentofspecified
conditions.
Reply
Arindamsays:
November18,2015at6:36PM
manythankssssir
Reply
bemoneyawaresays:
November18,2015at6:50PM
YouarewelcomeSir
Reply
31.

Vishwassays:
November16,2015at5:04PM
Hithere,
Ihaveacoupleofdoubtsaboutcapitalgainscalc.
1.In2008/09Ipurchasedaplot.Iwasnaiveandallowedthesellertocraftthedoc.Whiletheactualcostwasmuchhigher,theselldeed
reflectedcompensationwellbelowthemarketvalue.Goingbytherules,Ihadtopaystampdutyandregistrationaccordingtoreadyreckoner
rate.
NowIamplanningtosellit.Howwillthecapitalgains(/losses)becalculated?Willwetakeintoaccountthecompensationvalueorthethen
reckonerrate(i.e.marketvalue)onwhichIpaidstampduty/registration?
2.Whendowediscountthestampduty/registrationcostswehadpaidatthetimeofbuying?Beforecalculatingcostofacquisitionorfromthe
netcapitalgain/loss?
3.Whiletheregistrationhappenedon4/4/08therearetwofrankingsonthedoconeon29/2/08andoneon2/4/08.Goingbymyfirstfranking
paymentcanItakecostofinflationindexof07/08ordoIhavetoconsider08/09?
4.Cantheannualcleaningofplotbeconsideredimprovementsanddiscountedforcalculationofcapitalgains?
5.Canthebrokeragepaidfor(bycheque)bediscountedfromcapitalgainshow?
Reply

32.

DeepakMBohrasays:
November12,2015at11:02PM
HiSir,
Ihavesoldmyflatrecentlyandwouldliketoinvestmymoneyinmybrothershousebypayingthe50%considerationandmybrotherwill
issuereleasedeedforthesame.
Myqueryis

1.Willreleasedeedconsiderasinvestmentofprofitinnewproperty
2.Mybrotherhavetopayanyextraamount,Implaningtopayexactly50%ofindexvalueoftheproperty.
Reply
bemoneyawaresays:
November14,2015at5:38AM
Letsfirstunderstandwhatisgiftdeedandwhatisreleasedeed.
Agiftdeedallowsonetogiftherassetsortransferownershipwithoutanyexchangeofmoney.Thegiftofimmovablepropertymustbe
inaccordancewithsection122oftheTransferofPropertyAct,1882(TOPA).
ReleaseDeedisexecutedtoReleaserightswherebyapersonrenouncesaclaimuponotherpersonorproperty.Areleasedeedisquite
differentfromagiftdeed,thoughthelegalimplicationsarethesame.Youcanusethisinstrumentifyouwanttotransferyourrightsina
particularpropertytoanotherjointowner(s)/coowner(s).Suchatransferisirrevocableevenifitiswithoutanyexchangeofmoneyor
formonetaryconsideration.
Aswithalldocumentsrelatedtothetransferofimmovableproperty,areleasedeedneedstobesignedbybothparties,stampedand
registered.Youshouldnotethatstampdutywillbeapplicableonlyontheportionofthesaidpropertythatisrelinquishedandnotonits
totalvalue.
Notetheadvantagesandlimitationsofreleasedeed:
Advantages:Itallowsseamlesstransferofyourshareinajointlyheldproperty.Thisdocumentismostcommonlyusedwhenaperson
dieswithoutleavingbehindawillandallsiblingsendupinheritingtheproperty.Unlikeagiftdeed,youcandrawtherelinquishment
deedformonetaryconsideration.
Limitations:Therearenotaxbenefits,forasperthetaxlaws,thetermtransferincludesrelinquishment,notgift.Hence,whenyouare
relinquishingpropertyformonetaryconsideration,itwillresultincapitalgainsforthetransferor.Iftheconsiderationislessthanthe
stampdutyvalueoftheproperty,thedifferencebetweenthestampdutyandtheconsiderationwillbetaxedinthehandsofthebuyer.If
yourelinquishitwithoutanyconsideration,thestampdutyvalueofthepropertywillbeitssalesprice.
Wheneverthehouseissold,thecoownerswillhavetopaytaxonthecapitalgainsearnedbythem.Inthecaseofthesecondowner,the
capitalgainswillbecomputedonthebasisofthemarketvalueofthehouseasonthedatethatitwasreleasedtohim.
Socomingtoyourquestions:
1.Itisconsideredastransfer,ifregistered,soyesitisconsideredasinvestmentinnewproperty.Butpleasedoverifywithyourbank/CA
2.Whatextraamountareyoureferringto?
Reply
33.

M.Nandagopalsays:
November7,2015at8:57PM
sir
OneofmyfriendwhoisnowpensionerhadsoldhishousepropertyforconsiderationofRs.50lacsrecentlythehouseisconstructedinApril
2000.ThetotalcostoftheconstructionisRs.13lacsalongwithallcosts.Infacthehadavailedhousingloanandavailedtaxexemptiontoo.
PleaseletmeknowwhatisthecapitalgainshehastopayifhedonotwanttoreinvestinhousingorelsetoavoidCapitalgaintaxwhatisthe
provisionsappliedfor.
Nandagopal
Reply
bemoneyawaresays:
November9,2015at5:41AM
Ifapropertyissoldafterthreeyearsfromthedateofpurchase,theprofitistreatedasalongtermcapitalgainandistaxedat20%after
indexation.
Forrealestate,Longtermcapitalgainwouldbe307733.99.Detailscalculationareshownbelow.
Butwhatifyoudontwanttobuyapropertyatallwiththecapitalgain(LTCG)amount?Youcanstillgettaxexemption.Thelongterm
capitalgaintaxcanalsobesavedunderSection54ECifthecapitalgainisinvestedforthreeyearsinbondsoftheNationalHighways
AuthorityofIndiaandRuralElectrificationCorporationLimitedwithinsixmonthsofsellingthehouse.However,youcaninvestonlyup
to50lakh.
InvestmentType:RealEstate
Timebetween:15years94days
GainType:LongTermCapitalGain
Differencebetweensaleandpurchaseprice:3700000
CIIofthePurchaseYear:2000month:Apr:406
CIIoftheSaleYear:2015month:Jul:1081
PurchaseIndexedCost:3461330.05
Differencebetweensaleandindexedpurchaseprice:1538669.95
LongTermCapitalGainwithindexation(at20%):307733.99
Reply

34.

Vishwassays:
November7,2015at12:38AM
Hithere,
Ihaveacoupleofdoubtsaboutcapitalgainscalc.
1.In2008/09Ipurchasedaplot.Iwasnaiveandallowedthesellertocraftthedoc.Whiletheactualcostwasmuchhigher,theselldeed
reflectedcompensationwellbelowthemarketvalue.Goingbytherules,Ihadtopaystampdutyandregistrationaccordingtoreadyreckoner
rate.
NowIamplanningtosellit.Howwillthecapitalgains(/losses)becalculated?Willwetakeintoaccountthecompensationvalueorthethen
reckonerrate(i.e.marketvalue)onwhichIpaidstampduty/registration?
2.Whendowediscountthestampduty/registrationcostswehadpaidatthetimeofbuying?Beforecalculatingcostofacquisitionorfromthe
netcapitalgain/loss?
3.Whiletheregistrationhappenedon4/4/08therearetwofrankingsonthedoconeon29/2/08andoneon2/4/08.Goingbymyfirstfranking
paymentcanItakecostofinflationindexof07/08ordoIhavetoconsider08/09?
4.Cantheannualcleaningofplotbeconsideredimprovementsanddiscountedforcalculationofcapitalgains?
5.Canthebrokeragepaidfor(bycheque)bediscountedfromcapitalgainshow?
Thankyouforbearingwiththequeries.
Reply

35.

satyanarayanasays:
October23,2015at4:55PM
sir,
iacquiredproperty(ahouse)byafamilypartitiondeed,whichwassoldthedetailes
are
,propertyacquiredin201120129(whichwasin4sisterinlawsname)
..soldin201415forrs53laks.
..whichwasconstuctedin1992.forrs15laks
..whatiscapitalgaintaxlaiability
..iam65yearsold
Reply

36.

Saiprasadsays:
October19,2015at4:03PM
Myfatherhasboughtaproperty(Landwithbuilding)intheyear1978for70thousandRupeesinmymothersname.
Mymotherpassedawayintheyear2009leaving7legalhires(Myfather,onesisterand5brothersincludingme)
Laterintheyear2010wedemolishedthepropertyandgotaapprovalforconstructingtheapartmentsforall5brothersinthemonthOctober
2012.
Howeverwestoppedtheconstructionintheyear2014duetofinancialconstraintsandsoldthepropertyin15thofJuly2015for2.07Crores.
All7ofushaveequalsharesforthissale,howeverIgotthesaleamountinmyname.
Inthesaledeedtheyhavementionedthecost50Lacksforlandwhile1.57croresforLandandalsotheyhavementionedthepropertytypeas
newwhichmeanstheageofbuildingislessthan3years.
NowtheclarificationswhatIhavehereis
1)Willthetaxbecalculatedaslongtermforlandandshorttermforbuilding(astheageofbuildingislessthanthreeyears)?orbothlandand
buildingwillbecalculatedasLongtermcapitalgains?
2)ThebuyerhaspaidtheTDSinmyname(Saiprasad)alonewronglyas20152016whileitshouldbe20162017,whatwillbethe
implicationsforthesame
3)WhatcanIdotoavoidtaxes
Reply

37.

Saniasays:
October11,2015at11:25AM
Myhusbandboughtashin2008.Withanothercoownerwith50:50ratio.Hepassedaway&Iinheritedhis50%shareintheproperty.thereis
abankloanonit.ibwanttosellthepropertyin2015.whatwillbethetaximplications?
a)doweneedtogoinforregistration&paythestampdutybythebuyerbecauseheisalsomyhusbandsbrotner.
b)howshouldwecalculatethecostofacquisition?
d)canIgiftawayapartofit&sellawaytherest?whatwillbetheimplications?Thenhowdowecalculatethecostofacquisition&capital
gain?
C)
Reply
bemoneyawaresays:
October13,2015at4:41AM

Yourbrotherinlawsshareof50%intheproperty,needstobetransferredinyourname.
Getthecircleratefromtheadvocate(privatewhohavetheirchambersinsubregistrarsoffice)orpropertydealersinyourareaand
calculatethevalueoftheproperty.Buynonjudicialstamppapersbasedonthestampdutytobepaidforthe50%share,getthepapers
preparedandbothofyougotothesubregistrarofficewithyouridsandPANcardsamust.
Youcanalsogetareleasedeedpreparedbyadeedwriterandpaystampdutyasperthecirclerate.Thegiftdeedisalsoliablefor
paymentofequivalentstampduty.Thealternativeistogetawillregisteredinrespectof50%shareprovidedyouarenotsellingthe
houseintheforeseeablefuture.
DoremembertocarryAadharcardtoSubreg.office
DoconsultaLawyerwhodealsinPropertymatters.
Reply
38.

Arunsays:
September29,2015at6:25PM
Ihaveoneresidentialhouseandmysocietyflatregisteredinmyname.
IfIsellthesocietyflat,whichIhaveheldformorethan3yearsandinvesttheindexedproceedsforpurchaseofanotheroneresidentialsociety
flat,willIbeeligibletoavailbenefitoflongtermcapitalgains?
Arun
Reply
bemoneyawaresays:
September30,2015at4:18AM
YesSircapitalgainsfromsaleofflatcanbeinvestedinbuying1residentialhouseorflatafter3years.
Reply

39.

Akashsays:
September26,2015at8:48AM
Myfatheralongwithhis2brotherspurchasedaplotinnoidainthenameofmyunclein1999.Nowwearesellingtheproperty.Pleaseletme
theprocedurefortaxcalculationleviedonthis.
Themoneyreceivedfromthetransactionwouldhavetobedividedamongthethreebrothers.Canyouletmeknowwhatarethecomplexity
andchallengesinvolvedithisfromanincometaxperspective.
akash
Reply
bemoneyawaresays:
September28,2015at5:22AM
Siryouneedtocalculatethecapitalgains
Asitheldformorethan36monthsitisconsideredalongtermcapitalasset.
IncaseofLongTermCapitalAssets,incalculationofcapitalgain,whichissalepriceindexedpurchaseprice.oneisallowedtodeduct
IndexedCostofAcquisition/IndexedCostofImprovementsfromthesaleprice.IndexationisdonebyapplyingCII(costinflationindex).
Thisincreasesyourcostbase(andlowersyourgains)sincethepurchasepriceisadjustedfortheimpactofinflation.
LTCGaretaxedat20%
Section54F(applicableincaseitsalongtermcapitalasset)Ifyouareusingyourentiresaleproceedstobuyahousepropertyyoumay
enduppayingnotaxonyourgainswhenYousatisfyalltheseconditions
(a)YoupurchaseONEhousewithin1yrbeforedateoftransferor2yrsafter,orconstructONEhousewithin3yrsafterdatethetransfer.
(b)Youdonotsellthishousewithing3yrsofpurchaseorconstruction
(c)ThisnewhousepurchasedorconstructedmustbesituatedinIndia
(d)Youshouldnotownmorethan1residentialhouse(otherthanthenewone)onthedateoftransfer
(e)Youdonotpurchasewithinaperiodof2yrsaftersuchdateorconstructwithinaperiodof3yearsaftersuchdateanyresidential
house(otherthanthenewone).
Whenyousatisfytheseconditions,andinvestentiresaleproceedstowardsthenewhouseyouwontpayanytaxonyourgains.
However,ifyouinvestaportionofthesaleproceeds,theexemptionwillbetheproportionoftheinvestedamounttothesalepriceor
exemption=costofnewhousexcapitalgains/netconsideration.
ifyoudonotintendtopurchaseanotherproperty,thereisnouseofinvestingtheamountinaCapitalGainsAccountScheme.Insucha
case,youcanstillsavethetaxonyourcapitalgains,buyinvestingthemincertainbonds.BondsissuedbytheNationalHighway
AuthorityofIndia(NHAI)orRuralElectrificationCorporation(REC)havebeenspecifiedforthispurpose.Theseareredeemableafter
3yearsandmustnotbesoldbeforethelapseof3yearsfromthedateofsaleofthehouseproperty.
Formorethan1personinvolvedthecapitalgainshouldbedividedequally.Challengecanbethepaperworktoshowthatlandwas

boughtbyallthreebrothersandnofightamongthebrothers.
Reply
40.

SSRAOsays:
September23,2015at9:33AM
Sir,Wearetwobrothersbookedaflatatpune,elderbrotherhasflatinkolkatawhichwaspurchasedin2003.Thequery(a)onsellingofthe
kolkataflat,cantheproceedsbeinvestedinnewflatatpune(injointnames)withinthesameyearormore.(b)Whowillbethefirstapplicant
forregisteringthenewflati.e.elderoryoungerbrotherasyoungerbrotherwillbetakingloanfrombankwillthisqualifyLTCGforelder
brother.
Reply

41.

SubodhShrivastavaAdvocate.StationChourahaDAMOH(M.P.)subodh.shrivastava48@gmail.comsays:
September21,2015at4:33PM
KIRTIPL.REPLYATTHEEARLIESTastheoldmanisailingduetothecomplexicityoftherules&alsoadvisewhathehastodonow.My
friendhassoldhishouseon09/03/15.Hepurchasedahousewithinsixmonthsin
thenameofhiswife.Hiswifeis59yrsold&isahousewifewithnoincomesource.NORsheisataxpayer.Propertysoldamt.2olakhs.purchased
amt.&reg.charges
etc.20lakhs.Myfriendisapensionerearning2.5lacsPA.pension.IsheliableforCAPITALGAINTAX.Plreplyattheearliest.Subodh
Shrivastava
Reply
bemoneyawaresays:
September21,2015at8:00PM
Sir
Whatwasthepurchasepriceofthepropertysoldin09/03/15andwhenwasitpurchased.Capitalgainisonthepropertysoldandthat
needstobeinvested
Reply

42.

Haribabusays:
September7,2015at12:38PM
Ihavepurchasedahousefor8.3lacsontheloanin2005withloanof7.1lac.Preclosedtheloanin2014.(preclosureamount4lacs)
Iamsellingin2015for50lacs.
Howmuchwillbeconsideredforthecostindex,howmuchIshouldpayascapitalgaintaxforlongtermcapital.Ihaveclaimedthetaxbebefit
forthehouseloan(bothprincipleandinterest).
Reply
ManojKsays:
September10,2015at10:42AM
DearSir,
IamplanningtoselloneresidentialplotinLucknowwhichwaspurchasedinYear1997.Iamalsoplanningtopurchasearesaleproperty
fromasellerX.ThisisasocietyflatinunderconstructionpositioninNoidaforwhichsellerXyetdidnotreceivethepossession
letter.Sellerpurchasedthatpropertyonyear2012.SohewilljusttransferhisownershiptomeonSep15.Possessionwillbeinaround
next2.0Yrsfrombuilder.
Myqueriesare
1)IsResalepropertyconsideredtogettheexemptiononthelongtermcapitalgain?
2)Residentialplot(tosell)isinmothersnameandsoIwillbepurchasingresaleflatonmothersnameonly.ButifIbecomeco
applicantwithmotherinnewbuyingproperty(toavailthehomeloanandtopayhomeloanmyself),willitaffectanyhowinproperty
gaintaxexemption?
3)Residentialplottosellisactually2plotsbutinsingleregistry.Caniselloneplotandinvestinonepropertyandanotherselltoanother
propertyandexemptedbypropertygaintax?
Thanks
Reply
bemoneyawaresays:
September10,2015at4:44PM

SiritisbestifyouconsultataxlawyerorCA
Reply
43.

KiranSsays:
September4,2015at10:19PM
MrXsoldaHousealongtermasset.Thesaleproceedswereusedforbuyinganewhouse.ExemptionunderLTCGu/s54Fbybuyinganew
Housewasclaimed.InBuyingaHouseRsA[outofthesaleproceeds]wasalsousedforStampdutyandregistrationfortheNEWHousefor
which54Fexxemptionwasalreadytaken.
Can54Fand80C[usedforstampduty&regd]usedsimultaneously.
Canexemptionunder54Fanddeductionunder80Cbothclaimedsimultaneously.
Reply
KiranSsays:
September5,2015at10:49AM
LongtermassetotherthanhouseissoldsayLand.
Reply
abhaygpuraniksays:
September7,2015at10:44AM
Ihavesoldmyagri.landwhichwaspurchased14monthsback.ButIhavenotearnedanyamountoutofthistransaction.While
purchasingIhadpurchasedfor15lakhandwhilesellingIgot15lakhsonly.LetmeknowwhetherIhavetopayanytax?
Reply

44.

ashokjangirsays:
September4,2015at4:34PM
sir,mysonhasgivenmeagiftofgoldandiwanttopurchaseofasecondhouseinmynameagainstsaleofgoldwhichrecdmeasagiftfrom
myson.iamliabletopaycapitalgain?
Reply

45.

aniruddhasays:
September4,2015at11:30AM
ihavebookflatmay11andpossessiontakendec13.ihavepurchasedflat17lacs(inclusivest&VAt,stampduty)andihavesoldflatonrs.
26lacs.itisshorttermcapitalgainorlongtermcapitalgain
Reply
bemoneyawaresays:
September5,2015at7:21AM
Trickyquestion
Onschoolofthoughtis:
TaxauthoritiesinIndiaaretakingapositiononthebasisofvariousjudgements,thatthefactsofthecasearegivenaprioritytoconsider
theavailment.Forinstance,toqualifytheinvestmentincaseofbuilderflats,thecrucialdateisthedateofallotmentoftheresidentialflat
andthepaymentofinstalmentisafollowupaction.
Allotmentisasufficientcomplianceforgettingthebenefits,evenifthetaxpayerhasnotpaidallinstallmentsdueunderthesaidscheme.
Theprovisionsofthesectionareabeneficialprovisionforpromotingtheconstructionofresidentialhouse.Thus,thedateofissueofan
allotmentlettergivesarighttothetaxpayer(Intendedbuyer)toobtainconveyanceonthesaidflatsothatitbecomesanassetwithinthe
purviewoftheIncometaxAct.Thedateofacquisitionofthesaidflatshallbethedateonwhichtheallotmentletterisissuedtothe
intendedbuyer.
Anotherschoolofthoughtsays
InthecaseofCapitalgainarisingduetotransferofthecapitalassets,theperiodoftheholdingofthepropertyisimportant.Inthiscase
yougotpossessionletterinDec2013sotheperiodofholdingwillstartfromthere.Sotheprovisionallotmentandregistrationofthe
housepropertyisnotimportant.Fromaboveitseemsthatitisshorttermcapitalgain.
Ref:Natureofcapitalgainshorttermorlongterm
Reply

46.

Atishsays:
September3,2015at6:14PM
Thankyouforsuchusefulinformation.

Pleaseclearmyonedoubt.
Ibookedflaton1Dec2013.
Iasabuyerandbuilderasasellersignedagreementon5Dec2013.
IgotpossessioninJan2015.
Ijustwanttoholdthispropertymin3yrssothatIwillgetlongtermcapitalgainbenefitswhilepurchasingnewhome.
Sopleasetellmefromwhichdate3yrstimeperiodwillstart?
Thankyouinadvance.
Reply
bemoneyawaresays:
September5,2015at7:22AM
Trickyquestion
SomesayDateofallotmentiskeyinunderconstructionflat
Reply
bemoneyawaresays:
September5,2015at7:24AM
Somesay
Onewhohasrighttosellthepropertywithoutreceivingpossessionfromthebuildercancarryoutthesalewhenthepropertyisin
underconstructionstageasitsignificantlyreducesthetaxliabilityinrespectofcapitalgains.Iftheindividualsellstheproperty
afteracquiringownershipthethreeyearperiodcomesintoexistencefromthedateoftakingpossession.TaxBenefitsonunder
constructionproperty
Sodonttakepossessionofthepropertythendateofallotmentwillbeconsidered.
Reply
Atishsays:
September5,2015at11:53AM
Thanksforyourreply
Whenwesignedagreementon5Dec2013inthatagreementflatnumberaswellasparkingnowasmentionedandIwas
keepingoriginalagreementfromthattime.Asusualonly5%paymentwasduewhichIsupposedtopayatthetimeof
possession.InFeb2014wereceivedOCfromissuingauthority.ButIwasoutofIndiasothatItookfrombuilderin2015.
YesterdayIreadonecaseifIamnotmistakeninthatcourtgavedecisionthattimeshouldbeconsideredfromasyousaid
fromthedateofallotmentpaymentaswellaspossessionmerelystandsforformality.
Hereisthelinkhttp://m.moneycontrol.com/news/tax/durationcapgainsmustbebasedateallotment_981630.html
Thanksonceagainforyourinformation.
Reply
bemoneyawaresays:
September5,2015at3:26PM
Thanksforupdatingus.
TherearealwaystwowaysofinterpretingtheIncometaxlawitseems,confusingthepeople.
47.

Atishsays:
September3,2015at6:03PM
Thankyouforsuchusefulinformation.
Ihaveonedoubtpleaseclarifyit.
Ibookedflaton1Dec2013.
Iasbuyerandbuilderasasellerwesignedagreementon2Dec2013
IgotpossessioninJan2015.
IwanttoholdthispropertyasmuchasshortperiodsothatIcangetbefitoflongtermcapitalgaintopurchasenewhome.
PleasetellmefromwhichdatemyLongtermcapitalgainwillstart.

Reply
48.

sureshkumarsays:
August20,2015at11:15AM
HELLO,
Thankyouforawellarticulatedpoints.
Ihavefewquestionstoclarifyandrequesttoenlightenme.
Ihadsoldapropertywhichinheritedbefore1980andwaslsoldforRs.95lakh.
Ihadpurchasedanapartmentin2007onloanandpartoftheamount(rs.35.0la)wasusedtoclosethehomeloan.Theremainingamountisstill
inmysavingsaccountwouldliketoinvestinrealestatetoavoidcapitalgaintax.nowiamincrossroadwhattodoasiamnotclearwithfew
pointsstatedbelowandrequesttoclarifythem.
1willtheamountinvestedincurrentapartmenttoclosethehomeloansubjecttotax?ifyesyeshowmuchandisthereanymethodtoavoid
tax?
2Theremainingamountinsavingaccount,ifdepositedinCGAS,infixeddepost,canIwithdrawtheinterstmonthonmonthbasis?
3canIinvestpartofamount(rs.53.0la)investedwithCGASinanupcommingapartment?
4whataretheimplicationsifIsellthenewapartmentwithinthreeyearsandreinvesttheentireamountplustheremainingamountfrom
CGAS(withinthreeyears)?
5cantheamountinCGASbeinvestedintwoseparateapartment,oroneapartmentandpartinland?
5IfIsellthenewapartmentafterthreeyears,whatcouldbethetax?
(saypurchasedcost53.00lakhs,ifsoldforRs.90.00lakhs)
Thankyou,
Sureshkumar
Reply

49.

deepsays:
August19,2015at10:29AM
Hello,wehaveagricultureproperlyunderMClimit.Thepropertyisveryoldandmorethan50yearold.Mygrandfathermortgagethis
propertytoafarmer.Theabovesaidpropertytransferredtothenameofmyfatherin2007aftercoupleofcourtcases.Sowewanttosalethis
propertyformysistersmarriages.SoIwanttoknwfewthings:1whichdateweconsiderforcomputingcapitalgain2isthereanyrelieffor
smallfarmer3canwetransferredthisamounttosistersaccount
Reply

50.

Vipinsays:
August18,2015at12:26AM
Ihaveaquarryabouttaxedinwhichyear.
Ireceivedfullconsiderationinmarch2015butthepurchaserregistryforthepropertyinmay2015theniclaimthecapitalgaininwhich
AssessmemtYear201516or201617.Pleasehelpmeforthecase.
Reply

51.

HARESHsays:
August14,2015at3:51PM
DearMr.Kirti,
MydaughterisNRI/Canadian.ShehassoldherpropertyinIndiaandmoneydepositedintheirIndianBankA/c.ShewantstogiveRs.30lakhs
tomeasGifttoenablemetocomplete/purchasemyBungalow.
CanshegivemoneytofatherandrequiredtoprepareGiftDeed,dulynotarizedinCanadaandregistersameinIndia?
Ihavetopayanytaxforthismoney/gift.
WhetherIhavetoshowthisgiftinmyITReturnwithoutpayinganytax?
Mydaughterhastoshowprofitamounti.e.(CapitalGain=SalePriceMINUSIndexedCostofAcquisition,SayRs.10Lakhs).InITReturn
underIncomefromothersource10Lminus2.5L(niltax)andpay20%on7.5Li.e.Rs.1.50L.
Thanks.
Reply

52.

Poojasays:
August7,2015at2:35PM
ThedateofcompletionofAhouseis25.05.2011
thedateofregisteryis31.06.2012
Andthehousepropertywassoldon28.05.2015
whetherthehousepropertybeconsideredasshorttermorlongterm.?
Reply

53.

Antonysays:
July28,2015at4:09PM
Iamsellingapropertyfor4croreandexecutingthesaledeedbyaccepting2crores.Onlyafter30monthsIwillgetthebalancewhichisclearly
mentionedinsaledeed.MyquestionisonwhichdateIhavetocalculateLTCGandpaymenttobemade?
Reply

54.

VijayUsays:
July16,2015at11:02PM
Greatarticle.Speciallyfornewbieslikeme.
Ipurchasedaflatin2009formeandthenanotherin2010formybrother.Bothwithloan.AsmybrotherwasnotearningmuchIregisteredthe
secondoneinmynameandIwaspayingtheloaninstallments.Myfatheriscoownerinsecondflat.Nowmybrothersettledindifferentcity
sothesecondflatisunderprocessforsellingandplanningnewoneinothercityinmybrothersname(nowhecanmanagehisloanpapersand
EMI).IdonotwantanymoneyfromtheflatneitherIwantmynameinnewpropertythatweareplanninginnewcity.Stillwecanhavemy
fatherascoownerinnewpurchase.
CanIaftergettingthepaymentgiftthemoneytomybrotherforbuyingpropertyandescapelongtermcapitalgain?OrIneedtohavemyname
innewpropertyalso?Orcanwetakefullpaymentwhilesellinginmyfathersname?
Kindlyguide.
Reply

55.

VipinJainsays:
July15,2015at7:08PM
Hellosir,
Ibookedaresidentialapartmentinjan2010WhichIhaveregisteredinsept2014,NowIhavesoldthisresidentialapartmentinjune2015.Am
Ieligibleforlongtermcapitalgaintax.
AspermyCAdateofregistrationwouldbeaccountedwhichmeansitwillattractshorttermcapitalgaintax,butafterreadinglotofarticle
overinternetIamconfusedassomesaysfromthedateofallotmentandothersfromdateofregistration.
Kindlyhelphere
Vipin
Reply

56.

PRADIPKUMARGHOSHsays:
July15,2015at3:50PM
Myrelativeisseniorcitizen,shewantstosalehishousewhichwasmadefromhisownretiredmoney,nowsheissaillingherpropertyto
anotherperson,shewilldistributehermoneyamongherchildren,plletmeknowissheisapplicableforanytax?herpropertyvalue32lakhs,
buyeristakinghomeloanfrombank.herchildrenwilltakenewhomefromthismoney.Plletmeknowwhetheranyrebatefromtaxornot?
Reply

57.

Anujsays:
July7,2015at11:27PM
Houseisconstructedonaplotandloanistakenforboth.Plclarifythefollowing:
A)Thedateofpurchasewillbeconsideredfromwhichofthefollowing:
1.Dateoffirstpaymentforplot.
2.Dateofallotmentorpossessionorcompletionofhouseorregistration.
B)Alsoplinformhowtocalculatethecostofconstructionofhouse.
C)WillcostoftheoverallpropertybebasedonthetotalnoofEMIspaidtobankplusotherexpensesfromownmoney.
D)FromwherecanIgettheCIIfigures.
Thankingyouinanticipation.
7.7.15
Reply

58.

Swatisays:
July6,2015at2:00AM
Iwanttosellaproperty.Iveneverclaimedexemptionfrominterest.CanIaddtheinterestcomponent,propertytaxpaidonthepropertyinthe
purchasepriceandindexaccordingly?
Reply

59.

PRAKASHGUPTAsays:
July5,2015at7:03PM
Ihavesoldapropertyonagreementin2007ofRs13.00LacpaymentmadethroughchequeRs12.LacandCashRs1.00Lac.in2007i
registeredin2011TheStamValuewasRS21.0LAconthisdate
PlsExplainaboutcapitalgainstatusonfollowingpoint
1.Inwhichyearcapitalgainarisein2007or2010
2.Whatwillbesalesconsideration
3.andamtofcapitalgain
4.TAxPlaning
Reply

60.

veenasays:
July2,2015at4:52PM
haveearnedalongtermcapitalgainfromsellingmyproperty.pleaseletmeknowhowicansaveincmetaxonthesaleofthisproperty.
Reply

61.

Rohitmehtasays:
July1,2015at3:01PM
Thanksforthisarticle.Imnotgoingtosellmyhousefornow,butsurelywhenilldoillreadarticleyourarticle.Thanks
Reply

62.

saikrishnasays:
June29,2015at7:59PM
DearSir,
IhavesoldmyhouseinJuly2014foranamountofRs.13,00,000/whichwaspurchasedinApril2010foranamountofRs.6,00,000/+
RegistrationChargesRs.75,000/.Accordingtome,mycapitalgainamountis3,35,000/andmynettaxableincomefromsalaryandcapital
gainis691000afterdeductingdeductionsavailableunderSection80C.
Now,ihavepaidanamountofRs.12000/intheformofTDSuptoMarch2015.IhavepaidRs.55,000/throughselfassessmenttaxstarting
fromApril2015toJune2015.WhatwouldbemytaxliabilityafterdeductingtheTDSamountandifinterestistobepaidondelayedpayment
ofremainingtaxandatwhatrate?
Iwouldbegratefulifyoucouldguidemyinthisregard.
Reply

63.

pareshmerchantsays:
June29,2015at9:33AM
Sir,Iaminprocesstosellmyshareofinheritedpropertywhichisasmallplot.IwishtoknowhowlongcanIkeepthemoneyreceivedina
banksafelybeforethisamountbecomesliabletobetaxed.willtakeabout34monthstobuyahouseformyselffromthismoney.Iwillbe
utilising90percentoftheamountsay1.8croresanekeepsomemoneyformydaughtersscholling.Kindlyadvice.
PareshMerchant
Reply

64.

Amarnathsays:
June22,2015at7:23PM
DearSir,Thankyouforthenicearticle.
Iwouldliketoknowmoreaboutsellinginheritedproperty.Wemymother,mysistersandmetogethersoldapropertywithoutanypartitionand
alltheamounthasbedivedandgivendirectlytothesisterswithaccounttransfermentionedinthesaledeeditselfinfeb2015.Oneofthesister
hasreinvestedandothersarestillnotandkeptintheaccountitself.ThepropertyKathawasinmymothersnameandmyname.Thereisno
willoranygift,soweallsoldittogether.Now,willtherebeanycapitalgaintaxwiththis,canyoupleaseexplain.
Reply

65.

SANTHOSHKUMARSsays:
June22,2015at4:22PM

DearSIrIhavepurchasedonepropertywithhouseforRs.7.5lakhsandsoldthesamein2015forRs.12.5lakhs,andagainpurchasedoneland
for9lakhs.pleaseinformmewhetherIhavetopayanytaxforthis.
Reply
66.

mohansays:
June16,2015at4:17PM
MywifehadpurchasedahouseinFeburary2010bypaying20%.TheLETTEROFALLOTMENTDATEIS11APR2011andtheAgreement
&RegistrationwasdoneinMAY2011.TheTotalcostingwas17.25.
ThePosessionoftheflatwasreceivedinmarch2014.OnMay2015ihadsoldthisflatfor30.5.
WillitbeaLongtermcapitalgainorShorttermcapitalgain?
IfitLongtermwhatwillbemycapitalgainthatineedtoreinvestinaproperty.?
Ifareinvestthefullamountofcapitalgaininaunderconstructionpropertyimmediatelyisthereanyrestrictionsthattheposessionofthe
propertyhastoreceivedin3yearsfromthedateofagreementorSaledateofmyearlierflat.?
Reply

67.

mohansays:
June16,2015at4:13PM
IhadpurchasedahouseinFeburary2010bypaying20%.TheLETTEROFALLOTMENTDATEIS11APR2011andtheAgreement&
RegistrationwasdoneinMAY2011.TheTotalcostingwas17.25.
ThePosessionoftheflatwasreceivedinmarch2014.OnMarch2015ihadsoldthisflatfor39.5.
WillitbeaLongtermcapitalgainorShorttermcapitalgain?
IfitLongtermwhatwillbemycapitalgainthatineedtoreinvestinaproperty.?
Ifareinvestthefullamountofcapitalgaininaunderconstructionpropertyimmediatelyisthereanyrestrictionsthattheposessionofthe
propertyhastoreceivedin3yearsfromthedateofagreementorSaledateofmyearlierflat.?
Reply

68.

ashishsays:
June16,2015at11:28AM
isoldmyrowhousecostingrupees23lacbuttheagreementbetweenbuyerandmeismadeof24lacforloanpurposeandbankgiving17lacs
chequeandrestamountbuyerpaidmeincheque,nowatwhatamountshouldihavetopaycapitalgain
Reply

69.

ashutoshkharesays:
June15,2015at6:37PM
myfatherboughtalandinhissistersnameinway70s,in2005ihavemadeduplexesinthatmyfatherssisterkidsgavemeirrevocable
powerofattorneyforconstructionofhouse,in2014ihavesoldthathousejustaftertakingtheregisteredgift.
NowmyquestionissinceihavesoldthepropertyjustaftergettingtheGift,willtheentireamountwillbeconsideredasCapitalgain,orthe
amountihaveinvestedinconstructionwillbedeductible.
Reply

70.

SankarDesays:
June11,2015at4:03PM
DearSir,
Thanksalotforyourvaluableadvice.Iwanttoknowwhetherstampdutyonregisteringapropertyisincludedinpurchasedamountornot.e.g.
IboughtapropertyhousewithRs.600000/andregisteredwithstampduty36000.Nowwhatwillbethepurchasecostforcalculatingcapital
gain?
Reply
Kirtisays:
June11,2015at6:11PM
Sir,IfyouhavepurchasedahousepropertyorifyouhaveconstructedahousepropertyStampDuty&RegistrationChargesandother
expenseswhicharedirectlyrelatedtothetransferareallowedasadeductionundersection80C.
Reply

71.

NagendraSsays:
June3,2015at6:27PM
Hi,
IhaveaqueryonLongTermCapitalGainsCalculation.

IbookedaflatinNov2004anditwasregisteredinMarch2007andthevaluewas10,00,000/inclusiveofallcosts.Theregisteredvaluewas
around7,75,000/.
Ispent3,00,000/towardsrenovationandwoodworkinNov2009,forwhichIdonothavebills.
IsoldtheflatinMarch2015for25,00,000/.IhavealsoclaimedtaxdeductionsfromMarch2005includingpreemiperiodandfromJune2006
haveclaimedEMIdeductions.
PleasehelpmeunderstandhowwouldIbeabletocalculateindexationandthecapitalgainstaxcomponent.
Thanks,
NagendraS
Reply
72.

RajeshDhingrasays:
May22,2015at2:31AM
Hi,
Wepurchasedaportionofthepropertyin1987,paidfullanfinalconsiderationofRs.85000,gotanagreementtosellinourname,gotthe
agreementtosellregistered,gotthepossessionofthehouseandstartedlivinginthehouse.
Thepropertywashowevernotfreeholdandwecouldnotgettheportionofthepropertyboughtregisteredinourname.
WenowplantoregisterthepropertyinournameandwouldnowneedtopaythestampdutyaspertheprevailingCircleratespecifiedbythe
Govt.
WouldthisregistrationinournamehaveanyCapitalGainsTaximplicationsforthesellernowwhennoexchangeofmoneyhashappenednow
buthappenedonlyin1987.
Pleaseshareyourexpertopinionandadvise.
Thanks.
Reply
Kirtisays:
May25,2015at5:26AM
Registeringyourpropertyshouldbethetopprioritywhenyoubuyahouseasitprovesyourlegitimacytocarryoutanytransaction.A
personisconsideredthelawfulownerofapropertyonlyafterhegetsitregisteredinhisname.TheSupremeCourthadruledlastyear
thatallpropertysaleswouldbeconsideredinvalidunlessthesaledeedwasdulystampedandregistered.
AsyousaidRegistrationchargeandstampdutywillbeleviedonthecurrentvalueofthehouses.ButAddingtothisburdenwillbea
heftyfinethatyouwillhavetopayforthedelay.
ExpensesonTransferincludeanyexpenditureincurred,whetherdirectlyorindirectly,forthepurposeoftransferlikeHowever,any
expensewhichhasbeenclaimedasadeductionunderanyotherprovisionoftheIncomeTaxActcannotbeclaimedasadeductionunder
thisClause.
ItsbettertotakeadviseoflawyerorCA
Reply

73.

KRUSHNAPOLsays:
May8,2015at5:14PM
Ihavesoldmyreadypossessionflaton22.01.2015(Rs.1700000AgreementValue)
Purchasedateis27.07.2012(Rs.1100000AgreementValue)
Ithinkitwillbeshorttermcapitalgain(2year&6Monthgap)
Howmuchtaxliability&%willbeonstcgRs.600000
MySalaryIncomeis400000PA
PlsuggestmeMo.9822886835/9765869931
Reply
Kirtisays:
May25,2015at5:32AM
Apologiesfordelayinreply.
YouarerightSir,Itsashorttermcapitalgainandtaxliabilitywillbeasperyourincomeslab
ShortTermTaxisasperincomeslabs:60000(at10%)/120000(at20%)/180000(at30%).
Asyourincomeisbetween2.5to5lakhyoufallin10%slab.sotaxwouldbe10%of6,00,000ie60000
Reply

74.

pankajsays:
April23,2015at1:19PM
Purchasedhousein2005andsoldin2015.Ihaveinvestedinanotherflatin2011onloanbutgotpossessionin2015CanIuseLTCGfromfirst
housetopayoutstandinglianamountordoIhavetopurchaseanotherhousetosaveLTCG.IgIhavetoinvestonbondswillIgettaxfree
interest

Reply
Kirtisays:
May25,2015at5:43AM
Saleproceedsfromsaleofpropertyusedforrepaymenttobankwillnotavailexemptionu/s54.Theconditionistopurchaseanother
property,eithercompletedflatorunderconstructionflat,withinaperiodof2yearsaftersaleofproperty.
ForaflatthatisunderconstructionDateofagreement/Dateofallotmentletterwouldbethepurchasedate.
SoyourLTCGfromsaleof1propertycannotbeusedtoclaimpurchaseofunderconstructedproperty.
Youwillhavetobuyanewhouseorbondstoavoidcapitalgaintax
Reply
75.

ManishBasnalesays:
April16,2015at2:06PM
Ihaveahomeboughtinmyandmywifesnamein2005.WanttosellthesameinApril2016.
Wanttobuyonemorehomeonlyinmywifesname(Registration:April2015andPossession:March2016).
Myquestionsare:
1.WhethercapitalgaintaxexemptionwillbeapplicableifisellnewhomeinApril2016andthenewhomeRegistrationinApril2015and
PossessioninMarch2016?
2.Willtherebeanyissueincapitalgaintaxexemptionifiusetheproceedsofoldhomeinrepayingmyhomeloanfornewhome?
3.Willtherebeanissueincapitalgaintaxexemptioniftheoldhomeisinmyandwifesnameandthenewhomeisonlyinmywifesname?
Ordoweneedtohavenewhomealsoinmyandmywifesnametoavailcapitalgaintaxexemption?
Thanksforyoursuppport.
ThanksandBestRegards
ManishBasnale
Reply

76.

Pradeepsays:
April14,2015at5:30PM
hi,IhaveputRs.5.6lacsintheCGAStypeB(fixeddepositwithSBI)fromasaleofhouseinDec,2014.Idontwanttobuyapropertyin
thenext3yrsduetovariousreasons.HowcanIutilizethismoneywithoutpayingtaxonthisafterthecompletionof36months.
IhadboughtaresidentialplotinJan,2013partlywithmysavings&bytakingaloanfromLICHFL.Theconstructionofthesamewas
completed(completioncertificatereceivedfromHUDA,GGNinAug,2014)inAug,2014&iscurrentlyoccupiedbyus.
CanIusethisFDtopartlyprepaymyhomeloan?Plsadvice.
thanksPradeep
Reply
Kirtisays:
April14,2015at7:31PM
HelloPradeep,
Sometheory:
YoucanclaimtaxexemptionunderSection54onthelongtermcapitalgainonthesaleofahouse.Toavailofthisexemption,youmust
PurchaseofanotherResidentialPropertywithin1yearbeforeor2yearsaftertheduedateoftransferofthePropertysoldand/or
ConstructionofResidentialhousePropertywithinaperiodof3yearsfromthedateofacquisition
Asyouconstructedthehousewithin3yearsofsaleofHouseyoucanclaimcapitalgainforconstructingthehouse.
Reply

77.

ManishBasnalesays:
April12,2015at10:16AM
DearSir/Madam,
Ihaveahomeboughtinmyandmywifesnamein2005.WanttosellthesameinApril2016.

Wanttobuyonemorehomeonlyinmywifesname(Registration:April2015andPossession:March2016).
Myquestionsare:
1.WhethercapitalgaintaxexemptionwillbeapplicableifisellnewhomeinApril2016andthenewhomeRegistrationinApril2015and
PossessioninMarch2016?
2.Willtherebeanyissueincapitalgaintaxexemptionifiusetheproceedsofoldhomeinrepayingmyhomeloanfornewhome?
3.Willtherebeanissueincapitalgaintaxexemptioniftheoldhomeisinmyandwifesnameandthenewhomeisonlyinmywifesname?
Ordoweneedtohavenewhomealsoinmyandmywifesnametoavailcapitalgaintaxexemption?
Thanksforyoursuppport.
ThanksandBestRegards
ManishBasnale
Reply
78.

Udaysays:
April7,2015at3:19PM
Thankyousomuchfortheinformativearticle.Oneclarification:
Forsavingtaxbybuyinganotherproperty,yousaid:
1.Usetheentireprofittoeitherbuyanotherhousewithintwoyearsor
2.Constructoneinthreeyears.
3.Ifyouhadalreadyboughtasecondhousewithinayearbeforesellingthefirstone,youcouldstillavailofthetaxexemption.
DidyoumeanentirePROFITorentireSALEPROCEEDSinpoint1?Andifprofit,isitindexedorunindexed?
Andnowmyquery:
Ihavetwohouseproperties,bothboughtonbankloan,oneinmyhometownin2006andoneatmycurrentworklocationin2013.Theonein
myhometownisletoutandearningsomenominalrent.EversinceIboughtthesecondhousehere,financeshavebeenverytight.Iknewthis
situationwouldoccurbutitwasthewisethingtodogiventhatthehouserentIwaspayingkeptincreasingyearonyear,asisprevalentacross
thecity.
Iwouldnowliketosellthepropertyinmyhometown.IamawarethatsaleproceedsofhousepropertyattractsLTCGtaxbutcanbeexempted
ifIpurchaseanewhousewithin2years.HoweverIwouldratherpayoffsomesundryloansandpartofthesecondhomeloan.Doesthiscarry
anytaxincentives?
QuickcalculationshowsthatIstandtogainabout23lakhsafterindexation.
Reply
Kirtisays:
April9,2015at5:02AM
Sir,
ItstheindexedprofitthatyouneedtoinvestnottheSaleproceeds.Exemptionwillbelimitedtothecapitalgainsorthecostofthenew
house,whicheverislower
itcannotbesaleproceedsasthenentireindexationconceptwouldbeuseless.
Ithasnowbeenclarifiedthattheinvestmentforgettingcapitalgainsbenefitshouldbemadeinoneresidentialhousepropertysituatedin
India,notabroad.Thisamendmentwillapplyinrelationtotheassessmentyear201516andsubsequentyears.
Tobeabletosavetaxoncapitalgains,youmustinvesttheentireLTCGfromthesaleofresidentialpropertyinanother(only
one)residentialpropertyinIndia.Suchinvestmentcaneitherbewithinoneyearbeforeortwoyearsafterthedateofsale.Youcould
alsoconstructanotherresidentialpropertyinIndiawithinthreeyearsofthedateofsale.
Also,youmaydeposittheamountofcapitalgainsundercapitalgainsaccountschemewithabankincaseinvestmentinnewpropertyis
notmadebeforefilingofITreturn(notlaterthantheduedateforfilingyourITreturn).Iftheentireamountisnotreinvestedornot
depositedincapitalgainsaccountscheme,theremainingportionofthegainwillbetaxable.
Cautionpoint:ExemptionfromLTCGwillnotbeavailableincasethereinvestmentismadeinmorethanoneflat,evenifthesameare
adjoiningflats,orinacommercialproperty.Further,whiletheRBIpermitsyoutoinvestinpropertyoverseas(aremittanceof$250,000
orRs1.5croreapproxperyearispermittedwhichcanevenbeusedforpropertyacquisition),ifLTCGsarereinvestedinproperty
overseasyouwillnotgetthetaxexemption.
Exemptionisalsoavailableoninvestmentsmadeincertainbondswithinsixmonthsofsale.TheyincludeRuralElectrification
CorporationandNHAI.ThemaximumamountthatcanbesoinvestedisRs50lakh.
Reply

79.

Srinivassays:
March30,2015at1:02PM
Hi,
Isoldalandplotandboughtnewapartmentusingthegainsfromsellingthelandplot.Istayinthehousewhichisinmynamecompletely.The
newlyboughtapartmentisregisteredinmynameaswellasmysonsname,andhestaysoverthere.
Pleasesuggestcanthisbeconsideredascapitalgainsandavailedtaxexemptions?
Suggesthowdoifiletaxforthisscenario?
Thanks
Reply

80.

VarunSsays:
March24,2015at2:02PM
Hi,
Firstlyletmecomplimentyouonanexcellentwriteup.Itisextremelyuseful.
IneedsomehelpregardingcapitalgainscomputationforalongtermresidentialhousepropertyimsellinginMay2015.Detailsarementioned
below:
1.SalesConsideration=Rs.3Cr.
2.SocietyTransferCharges=Rs.15lakhs(wayoverthelegallyallowedlimitofRs.25,000butIcannotavoidthis).
QueryNo.1:CanIclaimthisRs.15lakhsasanexpensefortransfer(likebrokerage)?
Further,Iplantoinvesttheproceedsinanewresidentialhousepropertytoavailbenefitu/s54after1year.
QueryNo.2:However,doIhavetopayadvancetaxonthistransactionintherelevantquarter?DoIhavetodisclosehowmuchIwilllater
invest?Itisdifficulttozeroinontheexactfigureasofnowaspropertypricesfluctuate.
QueryNo.3:Iwillbepurchasinganunfurnishedpropertyafter1year.Iscostoffurnishingthepropertyallowedtobeaddedtocostofnew
propertyforthepurposedofsec.54?Pleasepointmetotherelevantsectionsorcaselawsifyoufeelitwillhelp.
Thanksatoninadvance!
Reply
SwagatikaPanigrahisays:
March27,2015at11:59AM
DearMrVarun,
Thereplytoyourqueriesgoesasbelow:
1)SocietyTransferchargescanbeanallowableexpensesforcomputationofcapitalgainsinyourhand,ensurethatyouhaveareceiptof
thesame.
2)Oncethepropertyisregisteredinbuyersname,theincidenceofsaleswillbecompleted.AndthenyoucancalculateCapital
gain(hopefullythisisLongterm).Ifyouarenotimmediatelyinvestingthegainamountinanyotherproperty,pleasedepositthesamein
aseparatebanka/cwhichiscalledCapitalGainAccount.Thisyoucanopeninspecifiednationalizedbanks.Pleaseinquireinyournear
byBank.
Ifyoudepositthewholeamountofcapitalgaininthisaccountandusethesameinanotherpropertywithinspecifiedtimeperiodthere
willbenotax.Ifyouarenotabletousethesamewithinspecifiedlimit,thebalancewillbetreatedasincomefortheyearaftertheexpiry
oflimit.Inthatfinancialyearonlyyouneedtopayadvancetax.
3)Yescostofimprovement/furnishingthepropertyalsocanbeaddedtothecostofproperty.Pleasemaintainbillsforthesame.
Regards,
Swagatika
Reply

81.

Gagansays:
January10,2015at7:38PM
HiKirti,
WishingyouaHappyNewYear2015!
Hopeyouaredoinggood.

MyfatherhasjustsoldhishousethisyearandheneedstocalculatecapitalgaintaxforthecapitalgainsmadeandfilehisITreturns.
HehasmadeamindtoinvesthiscapitalgainsinCapitalGaintaxsavingbonds.
WetriedtoseekprofessionalserviceofaCAforthispurpose.MyqueryisthatwhatwouldbetheexpectedservicefeeofCAforsucha
purposesinceCAweconsultedhasaskedforfeesthatseemsbetoohigh.IsthereanyrecommendedrangeoftheservicerenderedbyCA.We
areunawareofthissubjectandfelttheneedtoknowareasonablevaluesothatwedonefeelcheated.
Also,CAhastoldusthatitisarequirementtogetvaluationdonetogettheconstructioncostofthepropertysoldforthepurposeofCapital
GainCalculationfromagovtauthorizedevaluator.Isthatmandatory?Wedohavereceiptsoftheconstructioncostincurredfromthe
agreementmadebetweenthecontractorwhoconstructedthehouseatthetimeofconstruction.Canyouconfirmthis.
Thanks.
Regards,
Gagan
Reply
Kirtisays:
January15,2015at6:56PM
HelloGagan,
ThanksforyourwishesandwishyouaHappyNewYearToo.
CAchargesarevaried.TypicallyforfillingITRwithCapitalgainsIhaveheardofpeoplepayingaroundRs2000.
Iamnotsureaboutthevaluationpart(MyCAisonleavesocouldntgetthedetails.WillupdateyouonceIknowaboutit).
Hasthehousebeenconstructedbefore1981?
Reply
82.

RajeshGsays:
January6,2015at10:36AM
DearKirti
WehavealandinKeralawhichwaspurchasedsayforapprox30000percentaround7centsoflandwhichworksouttoRs210000/totalcost
duringtheyear2001.In2015thelandwassold@Rs3.00lacspercentagainsttheguidelinevalueofRs1.50Lacspercentplusstampduty
(50%)ofthestampvalueasperKeralagovtstampactwhichworksouttobeRs2.25Lacspercentincludingstampdutyprice.
Whatwouldbecapitalgainincurringforadrylandandhowmuchtaxoneneedtopayconsideringtheabovecalculation.
Reply

83.

Lakshmipathysays:
January3,2015at12:57PM
Thanks.Crisp.
Reply

84.

subhashsays:
January1,2015at12:02PM
purchased2(small)flats@12,50,000/eachinjune2012withhomeloanof10,00,000/each.claimed80C(principal,stampduty)andsection
24(interest)forbothasselfoccupiedanddeemletoutduringlast2years.
Againpurchaseda(large)flat@35,00,000/injuly2014withhomeloanof26,00,000/butbeforethatihavefullyrepaidandclosedearlier2
homeloans(thenonlygotnewloan).
Then,sold1(small)flat@15,50,000/inDec.2014andpanningtosaleanother(small)flat.
(Tosaveextracapitalgaintax,wishtosalesecondsmallflatonlyafterMarch2015isitOK?).
Plsuggesthowtocalculatecapitalgain(STCG)???Also,taxcalculationregardingreversalof80Cand/or24(principal,stampdutyand
interest).
Reply
Kirtisays:
January2,2015at6:58AM
Toavoidshorttermcapitalgainsellitafter3yearsieafterjune2015.
Ifyoutookpropertyonhomeloan,claimedthetaxdeductionfortheprincipalunderSection80Candpropertyissoldwithinfiveyears,
thetaxbenefitswillbereversed.

Forexample,ifyouboughttheflatinDec2010andinnext4yrsyousaved1lacintaxundersec80C,thenthis1lacwillbecomeyour
incomeintheyearofsaleandwillbetaxed.Howeverinterestcomponentoncesavedissavedanditwontbereversed.
ShortTermCapitalGain=SalePrice(CostofAcquisition+CostofImprovement+CostofTransfer)
Reply
85.

bemoneyawaresays:
December30,2014at7:19AM
Thanksforencouragingwords
Reply

86.

Sudarsansays:
December29,2014at1:18PM
Ihaveboughtahousein2004around12,50,000andtookoverinMar2006,SoldthehouseinJune2011@25,00,000.Ihavelostentire
amount+savingsinCapitalinvestmentTradingandIamnotemployedduring2011Mayto2014May.
Pleasetellmeifthereisanytaxapplicable.
Reply
bemoneyawaresays:
December30,2014at7:19AM
HelloSudarshan,
AssumingyouboughthouseafterApril2004
CIIofthePurchaseYear:2004month:Apr:480
CIIoftheSaleYear:2011month:Jun:785
PurchaseIndexedCost:2044270.83
Differencebetweensaleandindexedpurchaseprice:455729.17
LongTermCapitalGainwithindexation:91,145.83
Thiswouldhavebeenduewhilefilingreturnsof201112i.ebyJul2012
Reply

87.

tmmayilvakanamsays:
December28,2014at12:10PM
Sir,
ThanksalotYourarticleonhowtocomputecapitalgaintaxisclearcut,veryunambiguous,neat.Thewordsthankyou,nice,excellent
areallinadequatetodescribetheserviceyouarerenderingtothesociety.
tmmayilvakanam
Reply

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