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Can I pay capital gains tax on flat sold in 2024?

T S Khurana

T S Khurana   |177 Answers  |Ask -

Tax Expert - Answered on Sep 28, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Uday Question by Uday on Sep 25, 2024Hindi
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Hi Hi am 68 years old retired government employee in 2002 I had purchase a flat at 3.5 lack. Recently on May 2024 I have sell that flt on 21.50 .all the money I have given to my son who had purchased a new flat.can I pay capital gain tax.if yes then how much.

Ans: 01. Since you have sold the flat in May-2024, applicable LTCG tax would be @20%, with indexation.
02. You are liable to declare LTCG in your ITR & pay tax accordingly.
03. Exact tax amount payable by you can't be calculated in absence of detailed info about your Income from all sources & Tax Savings etc.
04. you can gift your son this sale amount, who may utilize the same in a way he likes.
05. If your want to save your LTCG, you should have purchased the new flat, may be in the name of your son. In this way you would have been entitled to exemption u/s 54. There are some tribunal decisions, which have confirmed that property purchased in the name of Spouse, son or daughter (Lineal blood relations), is eligible for exemption u/s 54.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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