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I Bought a Pricier Home, Can I Avoid Capital Gains Tax?

T S Khurana |270 Answers |Ask -Follow

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

Asked by Anonymous - Aug 28, 2024Hindi

Money

I purchased an under-construction residential apartment in February 2024 and sold my other residential apartment in August 2024. Thus both the transactions have happened in different financial years and purchase of property has happened not only before the sale of another property but also in previous financial year. Will the capital gains made out of the property sold are tax-free considering the fact that property purchased was of significantly more value than the sale price of the other property?

Ans: Yes. You are entitled to claim exemption for the apartment purchased in February-2024, against Sale of your other apartment in August-2024. This is within time limit of one year, in which you are supposed to purchase a new residential property to be eligible for exemption u/s 54.
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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I have bought a house for 27 Lacs in year 2013-2014, I sold it at 1.58cr in year 2022-2023, then I bought a house for 1.12cr in year 2022-2023, let me know if I sell the house at 1.20cr, will this attract capital gain tax?

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Asked by Anonymous - Oct 20, 2024Hindi

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I bought 1 house in 2018 on loan. I bought another house in 2023 on loan. I sold my house that i bought in 2018 and repaid my loan on that house. Also i paid second house loan from the remaining proceeds. Still i have to pay tax on income from capital gains?

Ans: Taxability of LTCG depends upon following two factors :
01. There should not be a gap of more than one year, from the date of Purchase of your house in 2023 & of Sale of 2018 house. In both cases date of Registration should be considered.
02. If condition "01" above is fulfilled, then amount of Loan repaid on Purchased house, can be claimed as deduction.
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Career Counsellor - Answered on Jan 01, 2025

Question by Heera - Dec 31, 2024Hindi

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Sir I was absent in all my class 12th boards and practical in the year 2023-24 due to a medical illness, now I'm appearing as a regular candidate in the year 2024-25 boards. Will I be eligible for jee advanced 2025 and 2026 as in jee advanced attempt counts start from first appearance in class 12th, will they consider my board 2024 absent as an attempt? Will I be eligible for jee advanced 2025 and 2026? Specifically 2026

Ans: Heera, The eligibility for JEE Advanced 2025 and 2026 relies on how the test authorities see your situation about your attempts in the Class 12 board exams. Candidates can try JEE Advanced two times in successive years maximum. The first year a candidate shows up for the complete set of tests appears in Class 12. That year is not regarded as an attempt or appearance if you missed all Class 12 board tests for medical reasons and did not receive a result. Your legitimate first look will land around 2024–25. Get in touch with the JEE Advanced officials, show medical credentials, and offer paperwork proving your first honest attempt in Class 12 exams to confirm your eligibility. You will be qualify for JEE Advanced 2025 and 2026 if you re-registered for 2024–25 after missing the tests in 2023–24 for a legitimate medical reason.

Right now, only pay close attention to getting ready for the JEE/Other Engineering Entrance Exam.

Value Addition Suggestion: Instead of depending just on JEE, have Plan B and Plan C, appearing for 5-7 Entrance Exams.

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Ans: Swati Madam, HAPPY NEW YEAR!

Try a "Psychometric Test" (of any reliable source) for your son to determine your child's interest, aptitude, attitude, orientation style, and personality style in order to streamline the process of determining the best career option or options for them.

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Asked by Anonymous - Dec 12, 2024Hindi

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Hello Advait. I have around lump sum 35 lacs to invest in stocks and or MF. please suggest the stocks or suitable MFS from retirement corpus perspective. I have around 15Y left for retirement. Also I am doing SIP of 90K in UTI Nifty 50 index fund, PPFAS flexi cap fund and Motilal Oswal Nifty 500 Index fund. I am risk averse and therefore don't do any investment in pure small or mid cap MFs. However you may suggest any Mid or small cap fund which has very good risk to reward ratio and I will start 25K SIP in it. Thank you in advance.

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Took home loan in May 2022. House construction completed in June 2023. Sold old house in Dec 2024. Can I set off the captial gains by repaying my home loan?

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Question by SATISH - Dec 24, 2024Hindi

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Hi , male happily married for 6 years . I find my ex collegue very attractive. Part of me is yearning to have some good sex with her. She is also married and a good human being, she likes me but still bit sure if she really wants to have sex with me. She loves being with me.

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Question by dakshesh - Dec 15, 2024

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there is a girl and i truly love her but apparently not vice verca, she is dating bad guys and getting hurt again and again but not giving a single chance to me , i truly love her and ready to do anything for her, i confessed my feelings multiple times in front of her but she is like let it be and let the god do whatever he wants also she ghosts me pushed me away and many more things but from the first day we are in a complicated situationship.

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Dating, Relationships Expert - Answered on Dec 31, 2024

Question by Neha - Dec 31, 2024Hindi

Relationship

Mujhe love me success kyu nahi milti

Ans: Dear Neha,
Finding love takes time for most people. Sometimes we have no control over these things. I can suggest dating apps. You can add a bio that describes you well and also mention the kind of person you want. This way you will only attract people who are compatible with you. It can increase your chances of having a successful relationship. Nevertheless, everyone's love story happens at different paces. Don't worry. You will find yours too, in time.

Best Wishes.

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Dating, Relationships Expert - Answered on Dec 31, 2024

Question by Neha - Dec 30, 2024

Relationship

Mujhe love relationship me success nahi milti aisa kyu

Ans: Dear Neha,
Finding the right relationship takes time for most people. Sometimes we have no control over these things. I can suggest dating apps. You can add a bio that describes you well and also mention the kind of person you want. This way you will only attract people who are compatible with you. It can increase your chances of having a successful relationship. Nevertheless, everyone's love story happens at different paces. Don't worry. You will find yours too, in time.

Best Wishes.

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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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