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Can I Sell My Kerala Plot to Build a House in Mysore?

T S Khurana |504 Answers |Ask -Follow

Tax Expert - Answered on Jan 13, 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

Asked by Anonymous - Jan 12, 2025Hindi

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I have planned to sell my plot in kerala and construct house in my other plot in Mysore from sale proceeds+ some bank loan. Any tax liability ???

Ans: You would be eligible for exemption u/s 54 in this case, provided you complete the construction on plot in Mysore, with in three years from the date of sale of plot in Kerala. If complete amount of LTCG is invested in construction the house at Mysore, no tax would be payable.
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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