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Can I avoid paying tax when selling my flat and plot to build a house?

T S Khurana |479 Answers |Ask -Follow

Tax Expert - Answered on Dec 02, 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

Question by Shivani on Dec 01, 2024Hindi

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If i sell my flat and my residential plot to construct a house then do I have to pay tax on any of them?

Ans: You may sell your Flat 7 and residential plot & construct a new house. You would be eligible for exemption u/s 54 for the amount of either of the following :
(a). LTCG on Sale of Properties or
(b). Amount spent on construction of house.
Besides time line is very important. Construction of house should be complete with in a period of 3 years from the sale of properties.
Most welcome for any further clarifications. Thanks.

Asked on - Dec 02, 2024 | Answered on Dec 03, 2024

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SO, if i sell the house and plot build a house within 3 years of selling then I can get tax benefits on selling of both the plot as well as the flat? I am utilising the entire money which i got from selling the plot and the flat in construction of my new house

Ans: Yes. You would be entitled for exemption. Kindly watch timeline.
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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If i sell my plot and use this money from plot selling to construct house at other site , is that amount taxable ? Is there time limit for construction of house once plot is sold ?

Ans: Selling a plot to buy / constructing a residential house is exempt to the extent of INR 10crs.

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Question by Shivani - Dec 02, 2024Hindi

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SO, if i sell the house and plot build a house within 3 years of selling then I can get tax benefits on selling of both the plot as well as the flat? I am utilising the entire money which i got from selling the plot and the flat in construction of my new house

Ans: Yes. You would be entitled for exemption. Kindly watch timeline.
Most welcome for any further clarifications. Thanks.

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