Capital Gain

I earned 29 L long term capital gain on Sale of  old residential house  in 2016 and invested  the whole amount in New under construction house which has been completed and  dastavej  done in 5/2018 . Now want to sell the same house before 5/2020.

So want to know

1. What will be tax implication on capital gain i.e. Past long term capital Gain and Present short term capital Gain?

2. Can i sell it now or there is lock in period to sell ?

3. Please advice.

Replies (8)
Quick Summary
This discussion clarifies capital gains tax implications when selling a property. It explains that while the initial long-term capital gain (LTCG) from selling an old house might be exempt under Section 54 if reinvested in a new one, selling the new property before a certain period will incur short-term capital gains (STCG) tax. The STCG is taxed at your regular income tax slab rate, including cess. The thread also confirms that you can sell the property, but reinvesting the proceeds from this sale into another new house won't exempt the STCG.

There is a lock-in-period of 3 years
1.Past LTCG is exempt u/s 54 and you need to pay STCG tax on sale of constructed new house..

2.Yes.You can sell it.

After selling the house can I reinvest the amount in another new house purchase to save capital gain tax. Please advice on the matter and oblige. 

No.

The Exemption is available only to Long term capital gain

Will past ltcg be reversed in this case if I sell and reinvest  in new house?

Is short capital gain tax will be at my income slab rate, since I m in 30% tax slab rate? Please advice.
Yes.Short term capital gain is at your normal tax rate 31.2% including cess

2. Yes you can sell it.

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