Capital gain exemption - help needed

Sir,it deals with a lot of issues.

sir,if u have any other house then computation will change.

the following matters deals with sec.54,54F

in case it is residential property-

Since your case is a longterm capital gain,the maximum amount exempt will be 65 lacs,but this amount 

must be used in the purchase of another residential house within 2 yrs after sale of old house or 1 yr before sale of old house or 3 yrs in case the new house is to be constructed.

thus,to claim full exemption u must purchase a residential house worth more than 65 lacs and the holding period of the new house should be more than 3 yrs otherwise the capital gains of the new house

and old house will be considered as short term capital gains and taxed accordingly. 

Bhargav Sir, Yes, I am selling residential house only. i purchased about 3 years back, if i sell now after index cost about 65 lakhs capital gain coming. The entire sale consideration is 1.5 crore, now i saw one new residential house, the new residential house cost is about 85 Lakhs.  I have doubt that  either i have to purchase new residential house for full amount of 1.5 Crore  or shall i get exemption of this capital gain of 65 lakh when purchase this new house for 85 lakh?

yes,you get exemption of 65 lacs but do remember there is  "lock in  period"   for next 3 years. You can not sell this new purchased property for next 3 years otherwise your exempted CG taxable.

Thank you Bhargav, yes, its for my own use only i am going to purchase (new property), the new property is residential vacant plot in chennai main place, the cost is 85 Lakhs, now i plan to purchase this property and start construction, i finish the construction in next 1 year maximum., is this ok? if yes, how i do my account. I mean after get sale amount of 1.50 crore, i give cheque to this new  party for 85 Lakhs, i think now my capital gain problem over, then i start construcion, you please tell me shall i use the remaining amount from 1.50 crore (after 85 Lakhs) for other purpose like to close my existing loans, thanks in advance.

Yes you will get exemption only of  65 Lacs, your case falls under Sec 54 Of income Tax Act, 1961, but the condition is that u have to use your amount for the purchase of new residential property and you can use the remaining amount except Capital Gain wherever you want.

Ya you can construct your House property for next 3 Years. So Regarding this issue you dont have any issue becoze your construction finish within 1 years.

And Regarding your 2nd Question. How many Ruppe of your Loan amonut and Installment. If there is provision in your loan that if you paid your loan early and get exemption in interst payable then you can pay your loans. Otherwise you can pay your fix Installments and Invest in Tax free Sources. 

See other many ways to manage your portfoio that may be more beneficial.