Capital gain query

Sir, My explaination is in the attached excel sheet

Thanks for your details answer.

But if he sells the property worth 36 lacs within 3 years for 36 lacs, there should not be any STCG because there is no gain here. Sale consideration is 36 lacs and cost of acquisition also 36 lacs.

He cannot claim exemption u/s 54 for STCG but there should be some gain, but here the property is sold for the same price as the purchase price. No gain.

Please let me know your opinion.

Sir, earlier he claimed 36Lakhs deduction and pay Long term capital gain tax on only 9L just by the virtue of section 54. He violated section 54 by transferring the property with in 3years. so what ever benifit given to him earlier under section 54, we are taxing him under the head Short term capital gain. Earlier exemption claimed was 36lakhs and now Department make him subject to tax of STCG on 36Lakhs. Like a penalty instead of original nature of LTCG, we are taxing such income as STCG, Thank you!

I think I need to clarify further.

He sold a property and incurred LTCG of 45 lacs. Against that, he purchased a property worth 36 lacs in the same FY 2014-15. He files IT return and claim exemption u/s 54 for 36 lacs and pays tax on the remaining 9 lacs LTCG. End of story.

In the next FY 2015-16, he sells the same property worth 36 lacs which he bought in FY 2014-15 for 36 lacs in 2015-16. There is no profit no loss. 

In my opinion, he has purchased a property worth 36 lacs and availed exemption u/s 54 and also filed IT return. His file is closed. He is not required to keep the new property for 3 years in order to avail exemption u/s 54.

Please go through this carefully and let me know