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Sold Property Before 2 Years: How to Reduce Short-Term Capital Gains?

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Feb 19, 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 - Feb 18, 2025Hindi

Money

I have sold a property with holding period less than 2 years. what are the ways to save short term capital gain on property . Also property holding period is calculated from agreement date or sale deed date of buying the property .

Ans: 01. Holding period of property shall be calculated from the dale of Sale Deed & not agreement date.
02. There is no relief or deduction or exemption offered by the department in case of STCG form sale of property.
03. You may get some relief if your taxable income from all other sources is less than Rs.3.00 lakhs. Please note that this taxable income is Gross Income minus tax savings if any.
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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We purchased the property in 2007 for 57 lacs and sold it in 2024 for two crores. How do we manage long-term capital gain? Also, if I have to purchase a property, when can I buy and If I wish to pay tax, how much will I have to pay

Ans: Hello;

I suppose this was a residential property and the property proposed to be purchased is also residential property and you do not own more then 2 houses at this time.

In this case you should purchase a residential house either 1 year before the date of sale/transfer or 2 years after the date of sale/transfer. In case you are constructing a house, then you have an extended time, ie. you will have to construct the residential house within 3 years from the date of sale/transfer.

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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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