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Vivek Lala |326 Answers |Ask -Follow

Tax, MF Expert - Answered on Oct 11, 2025

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Sep 28, 2025Hindi

Money

I have just sold a property and with the proceeds I intend to buy a flat and a plot later on. I am a salaried person and file ITR accordingly. Now with the proceeds of the property I sold, the amount is not enough to buy both flat and a plot so I will be taking some funds from friends and relatives. Now since they will be transferring these amounts to my account , what are the implications from income tax point of view? Also right now I plan to buy a flat only and I am searching for a plot, what to do with additional funds I received (as a proceeds from my sale and loan from friends) till then, should I put them in capital gain account or else?

Ans: 1) You should buy the house first within the income tax given limits to off set the tax implication for the house property sold by you.
2) The monies given to you by your friends can be treated as a loan and they will have to show interest income earned by the loan given to you till the time you return them the money borrowed.
3) If the FY changes between selling and buying the house you should keep the money in capital gain account.
4) If you are buying the plot as an investment - i would suggest against it as you are taking a personal loan from friends - instead focus on creating liquid assets which will grow and definitely help you in any emergencies unlike a plot where in case of emergency you will have to sell the entire thing to create any kind of liquidity.

Do let me know your views on this on my website or on my LinkedIn profile, attaching the link :
https://www.slwealthsolutions.com/

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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Hellow Sir, In February, 2023 I had sold a House Property and there is Capital Gain around 15.00 lakh. From the sale proceed I received, I have already bought a housing plot(land) costing Rs.11.00 Lakh, in May, 2023, in a Govt. approved scheme and this has also been registered in my favour. All other formalities for its mutation has also been completed. Since I am planning to construct house on this newly acquired Plot in next 2 years, kindly guide:- (1)whether the amount already incurred in acquiring above Housing Plot would also be considered against utilization of Capital Gain ? (2)the amount I have to kept in the Capital Gain Account Scheme for utilization during construction of House shall be Rs.15.00 Lakh OR Rs.4.00 Lakh (after deducting cost of Plot i.e. Rs.11.00 Lakh) ? Kindly Guide Regards !

Ans: Hello,

I understand your situation and I'm here to help. Based on the details you've provided and the current tax laws in India, here's what you need to know:

1) The amount you've spent on acquiring the housing plot can indeed be considered for the utilization of your capital gain. As per the Income Tax Act, if you reinvest the capital gains from the sale of a property in buying a new property or constructing a new house, you can claim tax exemption on the capital gains.

2) The amount you need to keep in the Capital Gain Account Scheme (CGAS) would be the remaining amount after deducting the cost of the plot from the capital gain. In your case, if you've already spent Rs. 11.00 Lakh on the plot, you would need to keep Rs. 4.00 Lakh (Rs. 15.00 Lakh - Rs. 11.00 Lakh) in the CGAS. This amount should be utilized for the construction of the house within the specified time period, which is 3 years from the date of sale of the original property.

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Question by RATAN - Jul 28, 2023Hindi

Money

I have some queries regarding tax on sale of my property which I need to show in my Income Tax return in FY-2023-24. I had purchased a flat in Kolkata at a total cost of 8.50 lacs [including registration cost] and registration was done in April, 2004. I had sold the said flat in May,2023 at Rs.31 lacs. My queries are :- 1. Do I need to pay Capital Gain tax on the sale of this flat ? 2. How much tax do I need to pay ? 3. How to show this capital gain income and tax in my Income Tax retirn next year ? Please advise. Regards, Ratan K. Saha

Ans: You need to understand the following things about taxation of your flat:-
1. You have earned a profit (called capital gains in this context) on the sale of your house. So tax is due.
2. However, tax will not simply be 31L – 8.5L. The Govt gives you an advantage of inflation over the years which increases your purchase cost through a process called ‘Indexation’, thus decreasing your tax. Please google and read up on it, or contact a good CA or a financial advisor.
3. You also get credit for registration and stamp duty charges, brokerages paid as also any improvements done in the house of a permanent nature.
4. Please read up on Income Tax Section 54 which also gives out how you can save tax on your final capital gains arrived at.
5. The entire calculations and sale/purchase details have to be shown in the ITR. Most probably you will be filling ITR-2 for this next year but please ascertain the same when you are about to file the tax since rules keep changing.

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Question by Ramesh - Feb 06, 2024Hindi

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Hi Sir, I am buying and making full payment for a New Residential Property in Feb 2024 Costing Rs.1.5 Cr. Also, I will be selling one of my old properties for Rs.1.1 Cr. in March or April 2024. This was purchased in 2009 for Rs.36 Lakhs, Capital gains is of Rs.38 Lakhs after indexation. PS. I own 4 Residential Properties as on date. My query is, if I make the payments for my new property from my Savings, prior to selling and receiving the payment of my old property, what is the Tax implications for the Capital gains. Secondly, I have also sold my Mutual Fund with long term capital gains of 12 Lakhs, can I claim tax exemption if I invest in the new Property. Looking forward to your valuable advise. Thanks Ramesh

Ans: You will have to pay LTCG on old property sale @ 20% with indexation which would ~7.6L

Sec 54F benefits are applicable for second property. Since you already have 4 properties in your name I believe you won't be eligible to claim benefit from LTCG accruing out of MF sale transferred to acquire RE property, however suggest you seek alternate opinion from CA.

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Asked by Anonymous - Feb 17, 2026Hindi

Money

Hello Mihir I wanted to ask about capital gain tax for the below scenario. I purchased a flat in 2014 with loan from HDFC that still has a balance of around 40 lacs to be paid off. The property price on agreement was Rs. 75 lakhs while the original loan amount was around 60 lakhs. I plan to sell this property and may be able to get total 90 lakh to 1Cr as an estimate. a) I plan to repay the loan of Rs.40 lakhs from this sale and close the loan a/c b) I have a second property on loan (SBI loan balance 30 lacs) wherein I will try to pre-pay Rs. 15 lakhs c) I recently purchased another property which is in construction phase due possession mid 2028. I will try to pay off 20 lakhs on the ongoing loan for this property. Will I need to pay Capital gain tax on the balance Rs.15-25 lacs with which I plan to buy a shop for commercial setup purposes? If yes what are the alternatives to avoid please suggest. For example if I do interior furniture updates in the house where I stay today, will I still be taxed

Ans: If person invest gain amount in another property within 3 years, person is not liable to pay any tax. Amount remain univested till the time of filing ITR needs to be invested in the capital gain scheme account. Further, repayment of loan will not reduce/will not give benefit for tax on sale of house property. Also investment is shop will not be give any benefit. Any cost incurred for interior and furniture is personal asset and it can not be added even in cost of current house.

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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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