Part property resold within 1 year after claiming exemption under section 54- income tax

I sold a property in 2017-18

 

Sale Consideration:- 4.18 crore

ICOA:- 3, 43 ,18,240

Capital gains:- 74,81760

Less:- Exemption claimed u/sec 54 of 74,81,760 buy purchasing a property consisting of 1 house with 5 flats , each flat value being 82 lacs through a single agreement of 4.10 crore(5flats*82lacs)

 

Now in FY 2018-19 one flat being sold at 82 lacs

 

Do i need to pay capital gain taxes

 

Replies (4)

Whether the property sold in 2017-18 was house property?

Yes bought and sold both are residential house property
Yes bought and sold, both were house property

In that case, you were required to invest only Rs. 75 lakhs in a house property.

Which means only one flat is enough for capital gains exemption u/s. 54 of IT act.

Balance amount you can invest at your discretion.

Moreover there is no restriction over number of house property owned. (for claiming sec. 54 exemption).

Only point for objection is single agreement for all five flats....

Once that point is cleared, you are at liberty to sell remaining flats and pay tax over any gain, be it ST or LT.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details