Capital gain

As per sec 54 of income tax act 1972 exemption on capital

You can avail benefit u/s 54.
As per sec 54 house property should be completed as specified by prescribed time limit, i.e. purchase one yr before transfer or
purchase two years after transfer or
constructed three yr after transfer.

Now if your exist house is fall under above mentioned time limit you can get exemption to pay capital gains tax.
But subject to invested amount in new house property should be less than or equal to capital gain value.

Dear Sir the property which am sellingoff is of period more than 3 yrs ago??

 

will u please help me the way out to not pay tax on capital gain??can i transfer the property to spouse  before selling of if he owns no property???

 

If you transfer to your spouse it will not treated as transfer.
What I feel you can at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset.
Specified assets are the bonds redeemable after 3 years issued by National Bank for Agriculture and Rural Development (NABARD) or by the National Highways Authority of India (NHAI) or the bonds issued by Rural Electrification corporation Ltd. With effect from A.Y 2002-03 National Housing bank and SIDBI have been also included who can issue such bonds u/s 54EC.

You need not to pay ant tax on sale of House property as u are investing  amount into Purchasing of Property u can claim exemption U/s 54