Adjustment of old house property to save capital gain on new purchase

Hi

For claiming exemption from capital gains of sale of property by buying a new house property, you don't need to sell the other property that you are holding.

Hi,

In order to claim the exemption, you need not to transfer your Faridabad house. You can still claim the exemption.

The restriction is that taxpayer should not own more than one RESIDENTIAL HOUSE, other than the new asset, on the date of transfer of the original asset;

Since, you were owing only one residential house (Faridbad one), you need not to worry.

Please feel free to call/ revert in in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Hi,

You don't need to transfer the old house for claiming exemption from capital gains. You can buy a new residential house property and claim capital gains tax exemption.

You can call/connect for any further clarifications.

Regards,

Nikhil.

To save capital gain on 1.1 cr you don't need to sell faridabad property. If you want to retain the faridabad property you can transfer it to your son as gift otherwise you can sell it other person.

Hello,

Transferring/ Selling your faridabad house will not help you in saving up on taxes.

But yes, in case you have not more than 1 house and you buy another house then you can save up on your Capital Gain Tax.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP