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I Sold My Delhi Apartment: How Do I Calculate Capital Gains Tax and Invest in Bonds?

T S Khurana |406 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2025

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

Question by Raj on Jan 28, 2025Hindi

Money

I had an Apartment in Delhi which we purchased in 2002 in my and my wife name. now, we sold this in 2024 and got 50% each in my and my wife account separately. Question is how Capital gain Tax calculated. Both will pay separately to income tax based on 50% amount received from sale. 2nd question , if We want to invest in Capital gain Tax bond 54 EC then do we need to buy separately or in joint. could you help in this situation ?

Ans: 01. First of all, calculate LTCG on this transaction, considering Sale Value & Cost of purchase. You both shall file your ITR on the basis of 50% share of LTCG each.
02. If you purchase Capital Gain Bonds, these should be taken separately in the name of both of you. However, spouse can be a co-applicant, while purchasing these bonds or nomination in favor of your spouse can be made, to protect your interest.
Most Welcome for any further clarification. 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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GOOD AFTERNOON MY PARENTS HAVE SOLD A PROPERTY ( FLAT) IN DELHI RECENTLY.( JAN 2023) TOTAL SALE VALUE: AROUND 75 LAKHS THIS FLAT WAS PURCHASED BY THEM IN 2003 AT 4,25,000 . I WANT TO KNOW HOW MUCH MINIMUM CAPITAL GAIN TAX IS DUE FOR THEM. THEY PLAN TO PURCHASE ANOTHER PROPERTY WITH ME. ( SOME CONTRIBUTION FROM MY SIDE) AND GIVE SOME AMOUNT TO MY SISTER ALSO. HOW MUCH AMOUNT CAN THEY TRANSFER TO MY SISTER AS GIFT AND HOW MUCH AMOUNT DO THEY NEED TO INVEST IN NEW PROPERTY TO AVOID CAPITAL GAINS TAX . KINDLY ADVISE ON THE SAME THANKING YOU BEST REGARDS D. MUKHERJEE HOWEVER,

Ans: Hi Debhashish,
Assuming that the purchase was done in FY 2003-04, the indexed cost of acquisition is approximately Rs. 13,56,000 and accordingly the long term capital gain is approximately Rs. 61,44,000.

Considering the above, gift to your sister could be Rs. 13.56 Lakhs and reinvestment in new residential property to achieve Zero tax status would be Rs. 61.44 Lakhs

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Asked by Anonymous - Jun 30, 2024Hindi

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My father in law had a house which he constructed in 1990 on a plot cost was 2 lakhs. After his demise the house is being sold for 78 lakhs jun 2024. The proceeds of sale went to mother in law and two daughters. 33.3% each. How will be the capital gain tax be calculated and how will it tax liability for all three. All three are not working now. Help

Ans: Each of the beneficiaries shall file ITR separately and pay tax under the head Long Term Capital Gains. Since the plot is sold in June 2024, it shall be reported in ITR of A/Y 2025-26. Rate of LTCG Tax will be 12.50% (on gain only). Cost of plot as mentioned remains Rs.2,00,000.00, however please add Cost of Construction (which is not mentioned in the question) of house in the cost.
All the three are eligible for relief either by investing in house property or purchasing Capital Gains Bonds of NHAI or REC etc.
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Question by Shaheen - Oct 02, 2024Hindi

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My wife and I have sold property (owned jointly by us) in August 2024 for 5 CR. It was a property that was gifted to me and my wife by my mother in May 2024. She had purchased it in 1995 for 2.5 Lacs. What would be the capital gains tax implications for both us or would it be only for either me or my wife? Will it be STCG or LTCG? Can we both buy NEC bonds for 50 Lacs each to save capital gains tax besides buying a residential house or land?

Ans: If property is registered in your as well as in the name of your wife, both will be liable to pay tax. Also in case of gift, period of holding starts from previous owner, so it will be LTCG.

NEC bonds are not covered in 54EC. Following bonds are eligible:

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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