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Selling plot for house construction on son-in-law's land

T S Khurana | Answer |Ask -Follow

Tax Expert - Answered on Feb 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

Question by Divyadharshini on Nov 16, 2024Hindi

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I sell a plot and use it to construct a house , whereas the land in which I construct is in my son-in-laws name. I guess this will not be eligible for capital gains exemption. Please confirm this.

Ans: You are correct. You cannot claim exemption u/s 54 in this case.
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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My husband and mother-in-law own a plot of land jointly which was inherited through a will and gift deed from my husband's grandfather. We now wish to build a house on the said plot of land. We plan to finance it by selling investments in stocks and mutual funds where even I would be contributing along with my husband and his mother by selling my investments. Can I and my husband claim a deduction under IT sec 54F for capital gains on sale of our investments if we construct a house on that plot? Can I be entitled to such a claim if I am not a owner of said plot but I invest my capital gains and sale proceeds into construction of the house?

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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 ?

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Question by SYED - May 20, 2025

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If I invest capital gain received through stock by buying a house property can I get tax exemption

Ans: You will have to Invest FULL SALE AMOUNT in buying a House Property to get Exemption (u/s 54F), Investment of only Capital Gain will not serve the purpose. Kindly note that if you invest less amount in house property, then you may be entitled to proportionate benefit & not full exemption.
This is again subject to the condition that your Capital Gain is Long Term Capital Gain & not Short Term Capital Gain.
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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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