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T S Khurana |563 Answers |Ask -Follow

Tax Expert - Answered on Jun 24, 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 - Jan 12, 2025Hindi

Money

I have started payment of 30 lakh in instalments from 2016 for an under construction flat. Possession was given on Aug 2023. For LTCG when I may sell the flat? What would be the purchase date to calculate LTGC as I have paid in instalments.

Ans: Possession/Registration date, shall be treated as purchase date. You need to retain it for at least 2 years to make it eligible for Long Tern Capital Asset. (In this case you would be completing 2 year period in August-2025).
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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Question by Prabodh - Jul 17, 2023Hindi

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Hello Sir, I need your advice , Sir, I booked 2 BHK Under construction flat in Virar in June 2009, of which I got possession in June 2014 for Rs.17,74,000/- and plus Stamp duty of Rs.69,900 & 17,440 towards Registration Charges . Sir,I sold that flat in June 2023 @ Rs.41.50 L . I need to know how much LTCG payable by me, as I do not intend to invest in any new property and hence I will pay LTCG to Income Tax Authorities, within how much time after sale of flat, I should pay tax.

Ans: Person is required to pay tax on gain earned on the transfer of capital asset (flat). Gain amount is calculated by deducting indexed cost of asset from sale consideration.

You can calculate the capital gain with the help of income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

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Asked by Anonymous - Jan 23, 2024Hindi

Money

I have purchased new constructed flat at 70Lac in 2015 and intends to sell at 1 Cr. I intend to book an under construction flat 1st with booking amount of 5 lac with total price 1.35 CR (To be completed in 2026) and sell my flat immediately after booking. How LTCG will work in this case? Do I need to open new bank account or current saving account can be used to receive money after selling my flat?

Ans: You have to pay LTCG on flat purchased in 2015 @20%. Rights in under construction property is also capital asset and short term capital gain will arise on transferring the same. Slab rate is applicable in said case.

You can get the Indexation chart (CII) https://incometaxindia.gov.in/charts%20%20tables/cost-inflation-index.htm
and
Calculate capital gain https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

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Question by RAMENDRA - Sep 22, 2024Hindi

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I have sold a residential property in March 2023 and booked a new flat for which last instalment paid in September 2024 and possession will be in November 2024. What will be LTCG implication ?

Ans: Hello, it depends on the date of agreement of the new house

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Question by Sunil - Oct 01, 2024Hindi

Money

Hi, I am purchasing a new flat for which I am taking a home loan. At the same time, I have a flat which I want to sell. Once the flat is sold I will use the proceeds to repay the home loan. Am I exempted from LTCG and till whattime I can sell this flat? What will be considered as date of purchase, as the registration will be immediately while possession is after 3 years.

Ans: Kindly ensure that there should not be a gap of more than one year from the date of Registration of Flat you are purchasing & the date of Sale of Flat (which you intend/want to sell). This is a condition, if you want to avail exemption u/s 54.
Most welcome for any further clarifications. Thanks.

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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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