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CA Priyank Gandhi (Chartered Accountant)     27 September 2020

Sale of house and purchase new one in same fy 2019-20

I have purchased house for Rs
6.00 lakhs in 2002. Sale the same for Rs 31.50 lakhs in February 2020 and purchase new one from the sale proceeds for Rs 28.00 lakhs. Pl advise me for implications of capital gain

 2 Replies


Jayendra (student)     27 September 2020

There won't be any taxable income in capital gain if deduction is taken u/s 54. Make sure to disclose correctly while filling ITR
Sagar Patel

Sagar Patel (Tax and Business Consultant)     27 September 2020

Yes, there is no Capital Gain tax after claiming Deduction under section 54.
But you have to disclose all this all things
like Sale Consideration 31.50 lakh less indexed cost = Long term capital Gain and that Gain invested in new property u/s 54 ect...

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