Capital Gains Exemption on Residential House Under Section 54

Capital Gains Exemption refers to the relief granted under the Income-tax Act, 1961, allowing taxpayers to avoid or reduce tax liability arising from profits earned on the sale of capital assets, such as land, buildings, or securities, provided the proceeds are reinvested in specified modes within a prescribed timeframe. The most commonly availed exemptions are under Sections 54, 54F, and 54EC.

Table of Contents

1. Introduction
2. The Provision
3. Highlights of the Provision
4. Relevant Judicial View
5. Issues

Check out Taxmann's Issues FAQs & Tax Planning Relating to Capital Gains which is a comprehensive treatise on India's capital gains tax, meticulously updated by the Finance Act 2025. Organised across 55 chapters, it addresses over 1,200 FAQs on 680+ topics, ranging from real estate and shares to business restructuring. Authored by D.C. Agrawal and Sanjiv Dutt, this book cites 3,200+ landmark judgments, offering step-by-step explanations, practical tips, and detailed analyses. Its accessible Q&A format simplifies complex provisions, making it an essential resource for professionals, businesses, students, and individual taxpayers.

1. Introduction

When an individual or a Hindu Undivided Family (HUF) transfers a building or land appurtenant to it, which qualifies as a residential house and is a long-term capital asset, capital gains tax is typically applicable. However, the law provides an exemption if the long-term capital gains resulting from the transfer of the original residential house are reinvested in purchasing or constructing a new residential house within India, under specific conditions and within a set timeframe. This chapter outlines the fundamental conditions required to qualify for this exemption and circumstances that can lead to its forfeiture, drawing insights from various judicial decisions.

2. The Provision

2.1 Section 54

“Profit on sale of property used for residence.

54. (1) Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, the income of which is chargeable under the head “Income from house property” (hereafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, one residential house in India, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,—

(i) if the amount of the capital gain is greater than the cost of the residential house so purchased or constructed (hereafter in this section referred to as the new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be nil; or

(ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45 and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be reduced by the amount of the capital gain –

Provided that where the amount of the capital gain does not exceed two crore rupees, the assessee may, at his option, purchase or construct two residential houses in India, and where such option has been exercised,—

(a) the provisions of this sub-section shall have effect as if for the words “one residential house in India”, the words “two residential houses in India” had been substituted.

(b) any reference in this sub-section and sub-section (2) to “new asset” shall be construed as a reference to the two residential houses in India:

Provided further that where during any assessment year, the assessee has exercised the option referred to in the first proviso, he shall not be subsequently entitled to exercise the option for the same or any other assessment year.

Provided also that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account for the purposes of this sub-section.

(2) The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139 in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the Official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited, shall subject to the third proviso to sub-section (1), be deemed to be the cost of the new asset –

Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,—

(i) the amount not so utilised shall be charged under section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and

(ii) the assessee shall be entitled to withdraw such amount in accordance with the scheme aforesaid.

“Provided further that the capital gains in excess of ten crore rupees shall not be taken into account for the purposes of this sub-section.”

Explanation.—Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.”

2.2 Amendment by Finance (No. 2) Act, 2014

(As explained in CIRCULAR NO. 1/2015 [F. NO. 142/13/2014-TPL], DATED 21-1-2015)

“20. Capital gains exemption in case of investment in a residential house property

20.1 The provisions contained in sub-section (1) of section 54 of the Income-tax Act, before its amendment by the Act, inter alia, provided that where capital gain arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto, and being a residential house, and the assessee within a period of one year before or two years after the date of transfer, purchases, or within a period of three years after the date of transfer constructs, a residential house, then, the amount of capital gains to the extent invested in the new residential house is not chargeable to tax under section 45 of the Income-tax Act.

20.2 The provisions contained in sub-section (1) of section 54F of the Income-tax Act, before its amendment by the Act, inter-alia, provided that where capital gains arises from transfer of a long-term capital asset, not being a residential house, and the assessee within a period of one year before or two years after the date of transfer, purchases, or within a period of three years after the date of transfer constructs, a residential house, then, the portion of capital gains in the ratio of cost of new asset to the net consideration received on transfer is not chargeable to tax.

20.3 Certain courts had interpreted that the exemption is also available if investment is made in more than one residential house. The benefit was intended for investment in one residential house within India. Accordingly, sub-section (1) of section 54 of the Income-tax Act has been amended to provide that the rollover relief under the said section is available if the investment is made in one residential house situated in India.

20.4 Similarly, sub-section (1) of section 54F of the Income-tax Act has been amended to provide that the exemption is available if the investment is made in one residential house situated in India.

20.5 Applicability—These amendments take effect from 1st April, 2015 and will accordingly apply in relation to assessment year 2015-16 and subsequent assessment years.”

2.3 Amendment by Finance Act, 2019

(As explained in Notes on clauses to Finance Bill, 2019)

“Clause 6 of the Bill seeks to amend section 54 of the Income-tax Act so as to provide relief to the taxpayers having long-term capital gains up to two crore rupees, arising from transfer of a residential house, by affording the assessee a one time opportunity, at his option, to utilise the said amount for the purchase or construction of two residential houses in India instead of one residential house as currently provided.”

2.4 Amendment by Finance Act, 2023

25. In section 54 of the Income-tax Act, with effect from the

1st day of April, 2024,––

(a) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely––

“Provided also that where the cost of new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account for the purposes of this sub-section.”;

(b) in sub-section (2),––

(i) after the words “amount so deposited shall,” the words, brackets and figure, “subject to the third proviso to sub-section (1)” shall be inserted;

(ii) after the proviso, the following proviso shall be inserted, namely––

“Provided further that the capital gains in excess of ten crore rupees shall not be taken into account for the purposes of this sub-section.”

The amendment was explained in “Explanatory Notes to the Provisions of the Finance Act, 2023……Circular No. 1/2024 [F. No. 370142/38/2023], DATED 23-1-2024” as under –

“Ceiling on the amount of roll over benefit u/ss 54 and 54F –

29. Limiting the roll over benefit claimed under section 54 and section 54F

29.1. Prior to the FA, 2023, the provisions of section 54 and section 54F of the Act allowed deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one year before or two years after the date on which the transfer took place purchased any residential property in India, or within a period of three years after that date constructed any residential property in India. For section 54 of the Act, the deduction was available on the long-term capital gain arising from transfer of a residential house if the capital gain is reinvested in a residential house. In section 54F of the Act, the deduction is available on the long term capital gain arising from transfer of any long-term capital asset except a residential house, if the net consideration was reinvested in a residential house. These deductions are available subject to certain conditions specified in these sections.

29.2. The primary objective of the sections 54 and section 54F of the Act was to mitigate the acute shortage of housing, and to give impetus to house building activity. However, it has been observed that claims of huge deductions by high-net-worth assessees were being made under these provisions, by purchasing very expensive residential houses, which was defeating the very purpose of these sections.

29.3. In line with the Government’s policy of limiting deductions, FA 2023 has imposed a limit on the maximum deduction that can be claimed by the assessee under section 54 and 54F of the Act. It has been provided that if the cost of the new asset purchased is more than rupees ten crore, the amount exceeding rupees ten crore shall not be taken into account for computing deduction under the said sections.

29.4. Consequentially, the provisions of sub-section (2) of section 54 and sub-section (4) of section 54F that deals with the deposit in the Capital Gains Account Scheme have also been amended. FA 2023 has inserted a proviso to provide that the provisions of sub-section (2) of section 54 and sub-section (4) of section 54F, for the purpose of deposit in the Capital Gains Account Scheme, shall apply only to capital gains or net consideration, as the case may be, up to rupees 10 Crores.

Applicability – These amendments will take effect from 1st April, 2024 and shall accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years.

3. Highlights of the Provision

The provided text outlines various amendments and provisions related to Section 54 of the Indian Income Tax Act, focusing on capital gains from the sale of residential property and their reinvestment. Highlights of the provision are as under –

(i) Eligibility for Exemption

(i) The exemption under Section 54 is available to individuals or Hindu Undivided Families (HUFs). This benefit can be availed by an assessee on more than one occasions in his lifetime.

(ii) It applies to capital gains from the transfer of long-term capital assets, specifically residential houses or lands appurtenant thereto. It is not applicable to short-term capital gains.

(ii) Income Assessment – The income from such a residential house, whether self-occupied or rented, is assessed under ‘income from house property.’ If rental income is assessed under ‘profits and gains of business or profession,’ the exemption may be denied.

(iii) Conditions for Availing Exemption

(i) The transferor must purchase or construct a new residential house within specific time frames related to the transfer of the original asset.

(ii) The term ‘purchase’ is interpreted broadly to include taking possession of the property, not just the legal transfer.

(iii) The new asset must be located in India, and this provision was amended in 2014 to specify ‘one residential house in India’.

(iv) Investment in Multiple Houses – For AY 2020-21 onwards, the benefit is extended to investment in two residential houses in India, provided the total long-term capital gains do not exceed ` 2 crores. This option is available only once in a lifetime.

(v) CBDT Clarifications and Tribunal Views

(i) The CBDT clarified that allotment of flats/houses by cooperative societies and other institutions is considered ‘construction’ for exemption purposes.

(ii) Different benches of the ITAT have had varied interpretations regarding the application of this clarification to private developers.

(vi) Depositing Unutilized Capital Gains

(i) Where the amount of capital gains is not appropriated towards the purchase of the new asset within one year before the transfer of original asset or not utilised for the purchase/construction of the new asset before the date of filing of return u/s 139, such amount has to be deposited by the assessee before the due date of filing of return u/s 139(1) in an account opened in a scheduled bank under the Capital Gains Account Scheme (CGAS) and proof of such deposit has to be enclosed with the return of income.

(ii) If part of the amount of capital gains is utilised for purchase/construction of new house and the balance is deposited in CGAS account, the assessee will get exemption u/s 54 on such aggregated amount.

(iii) Where the amount deposited in the CGAS account is not utilized for purchase/construction of the new residential house within the specified period, the amount so deposited shall be taxed as ‘capital gains’ in the previous year in which the period of three years from the date of transfer of the original asset expires. The assessee shall thereafter be entitled to withdraw the amount lying in CGAS account in accordance with the said scheme.

(vii) Computation of Capital Gains Exemption – In case of an assessee claiming exemption of long-term capital gain u/s 54, the capital gains accruing as a result of transfer of the residential house/original asset will be dealt with as under—

(i) Where the amount of capital gain is equal to or less than the cost of the new asset, being a new residential house purchased or constructed, the whole of the capital gain shall be exempt. For the purpose of computing capital gain arising on transfer of the new asset within a period of 3 years of its purchase or construction, the cost shall be reduced by the amount of capital gain.

(ii) Where the amount of capital gain is higher than the cost of the new asset, will be charged to capital gain u/s 45 of the Act. For the purpose of computing capital gain arising on transfer of the new asset within a period of 3 years of its purchase or construction, the cost shall be taken as ‘nil,’

(viii) Investment and Transfer Rules

(i) The exemption applies to the combined cost of purchasing land and constructing a house on it.

(ii) Exemption can be forfeited if the new asset is transferred within three years or if CGAS funds are not utilised as specified.

(ix) Registration and Possession – The acquisition of the new asset is considered from the date of possession, not just payment. The property transfer should be through a registered document for the exemption to apply, though there are views that possession suffices.

(x) Various Amendments

(i) Amendment by Finance (No. 2) Act, 2014

i. Clarifies that the exemption for reinvestment in residential property is limited to one residential house in India. This was in response to court interpretations allowing exemptions for investments in multiple houses.

ii. Applicable from the assessment year 2015-16 onwards.

(ii) Amendment by Finance Act, 2019 – Introduces a one-time opportunity for taxpayers with long-term capital gains up to two crore rupees from the transfer of a residential house to invest in two residential houses instead of one, as an exemption.

(iii) Amendment by Finance Act, 2023

i. Introduces a ceiling of ten crore rupees on the cost of the new asset for the purpose of capital gains exemption under Section 54.

ii. The condition of deposit of capital gains amount in CGAS account is also restricted to capital gains upto ` 10 crore.

iii. Aims to prevent high net-worth individuals from claiming large deductions under this section by purchasing expensive residential houses.

iv. This amendment is effective from April 1, 2024, and applies to the assessment year 2024-25 and onwards

(xi) Forfeiture – The amount of exemption allowed u/s 54 can be forfeited under following circumstances –

(i) Amount of deposit in CGAS account is not utilized for purchase/construction of the new asset within three years of date of transfer of the original asset.

(ii) The new asset/house is transferred within three years of its purchase or construction.

(xii) Extension of time limit for investment – If the time limit for making investment in the new asset expires during the period 20-03-2020 to 29-09-2020, the same shall stand extended to 30-09-2020. [Section 3(1)(c) of the Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020; Notification No. 35/2020, dated 24-06-2020 and Corrigendum Notification No. 39/2020, dated 29-06-2020] This extension has been granted in view of outbreak of Corona Virus pandemic.

4. Relevant Judicial View

1. Exemption Eligibility Under Section 54 Limited to Long-Term Capital Gains – Exemption u/s 54 is available when capital gains which arises from the transfer of a long-term capital asset, being buildings or lands appurtenant thereto and a residential house (hereafter called ‘the original asset’). Deduction u/s 54 is not available on short term capital gains.¹
2. Taxation of Income from Residential House Under the Head ‘Income from House Property’ – The income from such residential house/original asset, whether self-occupied or rented, is assessable under the head ‘income from house property.’²
3. Denial of Section 54 Exemption for Rental Income Under Business or Profession – Where rental income from the house property (original asset) is assessable under the head ‘profits and gains of business or profession’, the exemption u/s 54 may be denied.³
4. Interpretation of the Term ‘Purchase’ in Section 54 – The word ‘purchase’ in section 54 is not defined under the Act and, therefore, one has to resort to its ordinary meaning as understood by a layman. In many dictionaries, the word ‘purchase’ means the acquisition of property by party’s own act as distinguished from acquisition by act of law. The context demands not the literal interpretation but liberal and wider interpretation. Accordingly, the said word cannot be taken as having been used in the sense of legal transfer.⁴ The expression ‘purchase’ would connote the domain and control of the property given into the assessee’s hands. The crucial date for the purpose of determining when the property is purchased within the meaning of section 54 is not the date of registration of the sale deed in favour of the assessee but the date of taking over possession of the property purchased.⁵
5. Location Requirement for the New Residential House – The new asset being ‘one residential house’ should be located ‘in India’. It is pertinent to mention that the words ‘constructed, a residential house’ occurring in section 54(1) earlier were substituted by the words ‘constructed, one residential house in India’ by the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015. The amended provision will be applicable for the AY 2015-16 onwards.⁶
6. Applicability of Section 54 Exemption to Investments Abroad – Thus, where the investment in purchase of a residential house was made in the USA by a non-resident assessee during the previous year relevant to AY 2010-11 [prior to 01-04-2015], she would be entitled to exemption under section 54.⁷
7. Eligibility of Exemption for Land Appurtenant to Residential House – Exemption u/s 54 cannot be confined merely to a residential house but it is available on transfer of land appurtenant to such residential house.⁸
8. Circular on Allotment of Flats/Houses by Cooperative Societies – It has been clarified by the CBDT that allotment of flats/houses by cooperative societies and other institutions having schemes of allotment and construction similar to those of DDA under self-financing scheme may also be treated as cases of construction for the purposes of exemption under sections 54 and 54F of the Act.⁹ ITAT – Hyderabad took a view that, this Circular will not be applicable where purchase of the new house is made from private parties other than cooperative societies.¹⁰ However, other Benches of the Tribunal have taken a liberal view and held that Circular No. 471 and 672 will also be applicable to private developers who allot a flat to the assessee, it will be treated as case of construction.¹¹
9. Aggregating Costs for Deduction under Section 54/54F – Where assessee has partly utilized the amount of capital gains/net consideration for purchase of a plot and partly utilized the same for construction of a residential house thereon within the stipulated period of three years after the date of transfer of original asset, the aggregate cost should be considered for determining the quantum of deduction under section 54/54F.¹² Similarly, a part consideration is utilised in purchase of property and part consideration is utilised in interior decoration, aggregate sum will be eligible for exemption.¹³
10. Determining the Date of Acquisition Based on Possession – The date of acquisition of new asset will be reckoned from the date of possession and not from the date of payment of last instalment to the builder. If date of possession of new asset falls within one year of the date of sale of original asset, exemption u/s 54 cannot be denied.¹⁴
11. Requirement of Registered Document for Section 54 Compliance – For getting benefit u/s 54, it is necessary that purchase of the new residential house should be made through registered document as transfer of property cannot be affected through unregistered document.¹⁵ A contrary view is that if entire investment in new house has been made and possession has been taken, then it will be sufficient compliance of section 54 and exemption will be available.¹⁶
12. Year for allowing exemption – In a case where capital gains is to be taxed in an earlier year, the issue of allowing exemption u/s 54 has to be examined in that earlier year.¹⁷

5. Issues

Conditions for Exemption u/s 54

5.1 Issue – Is exemption u/s 54 allowable only on sale of a long-term capital asset being a residential house?

Yes. For example, where land was purchased long ago making it a long-term capital asset and construction of building thereon was made recently making the building so constructed a short-term capital asset, the issue was whether exemption u/s 54 would be allowable only in respect of investment of long-term capital gains being gains on sale of land and not on sale of building. Hon’ble Karnataka High Court held in C.N. Anantharam v. Asstt. CIT¹⁸ that because of the expression ‘capital gain arising from transfer of a long-term capital asset being buildings or lands appurtenant thereto and being a residential house’ used in section 54(1), if land is sold as a long-term capital asset, then building appurtenant to such land will also be a long-term capital asset. Section 54 does not provide bifurcation of capital gain arising from the sale of land and building separately and to allow deduction in case any one of them is a long-term capital asset. If a land appurtenant to a residential house is entitled to the said benefit, it is difficult to accept that the land on which the residential building is constructed is not entitled to the said benefit.

A different view has been taken in another case by the Tribunal. Where land was purchased much before the construction thereon started and if both were sold together, then holding period for land would be different from the holding period of super-structure which would be counted from the date of completion certificate. If super-structure was held for less than 36 months at the time of sale, it would give rise to short-term capital gains on which exemption u/s 54 could not be allowed. However, part of the consideration received which was relatable to sale of land would be eligible for exemption u/s 54F.¹⁹

However, the view taken by the Hon’ble High Court will prevail.

5.2 Issue – Are land and building two separate assets?

Yes. Splitting of land and building into long-term capital asset and short-term capital asset based on the period of holding of the respective assets was recognized in undernoted cases.²⁰

5.3 Issue – On what basis can a land be said to be appurtenant to the building situated thereon?

Hon’ble Andhra Pradesh High Court in CIT v. Smt. Zaibunnissa Begum²¹ laid down the following tests to determine whether land on which building is situated is appurtenant thereto –

“(1) Indivisible Unit and Enjoyment of Building and Land – If the building together with the land is treated as an indivisible unit and enjoyed as such by the persons occupying the building, it is an indication that the entire extent of land is appurtenant to the building.

(2) Examination of Extensive Lands Appurtenant to the Building – If the building has extensive lands appurtenant thereto and even if the building and the land have been treated as one single unit and enjoyed as such by the occupiers, an enquiry could be made to find out whether any part of the land contiguous to the building can be put to independent user without causing any detriment to the effective and proper enjoyment of the building as such. Such an enquiry should be conducted not based on any artificial considerations but from the point of view of the persons occupying the building. The number of persons or different branches of families residing in the building, the requirements of the persons occupying the building consistent with their social standing, etc., are relevant for the purpose. If any surplus is arrived at on such an enquiry, then the extent of such surplus land may not qualify to be treated as land appurtenant to the building.

(3) Evidence of Land Use for Purposes Other Than Building Enjoyment – If there is any evidence to indicate that any portion of the land contiguous to the building was put to user other than the enjoyment of the building, then that provides a safe indication regarding the extent of land put for such user. For instance, the land used by the occupiers for commercial, agricultural, and horticultural purposes, although forming part of the land adjacent to the building, does not qualify to be treated as land appurtenant to the building.

(4) Derivation of Income from Land Not Taxable as ‘Income from House Property’ – If the owner or occupier is deriving any income from the land which is not liable to be assessed as ‘income from house property’ under section 22, then the extent of such land does not qualify to be treated as land appurtenant to the building and

(5) Material Indicating Attempted Use of Building for Other Purposes – any material pointing out to the attempted user of the building for purposes other than the effective and proper enjoyment of the house would also afford a safe guide to determine the extent of surplus land not qualifying to be treated as land appurtenant to the building.”

5.4 Issue – What are the other considerations for treating a land as land appurtenant to the building?

The extent of land which can be said as appurtenant to the residential house is determined with regard to locality where residential house is situated, social status and profession of the individual.²² It is also to be seen whether extent of land is required for pathways, sit-outs, servant quarters, cow sheds etc. All these factors put together will determine the extent of land which is appurtenant to residential house.²³ An assessee owned a large portion of land and buildings having area of over 5 acres with a bungalow, out-houses, garage, sheds, and other erections. In 1966, he entered into an agreement with ‘R’, a dealer for sale of portion of building and vacant land. ‘R’ converted vacant land into plots, nominated parties and sale deeds were executed between 23-04-1967 to 09-07-1969. Thereupon, assessee vacated the building on 01-08-1967. On 12-12-1968, a portion of the property in which dwelling house was situated was sold. For relevant assessment years, assessee claimed exemption u/s 54. It was found that the assessee himself had sold part of the lands even before 1966. This showed that the lands to that extent were not appurtenant to the bungalow; otherwise, he could not have continued to reside in the building after the sale of those plots. Similar was the position with regard to vacant plots of land sold between 23-04-1967 and 09-07-1969 which were also not appurtenant to the house property and hence, section 54 could not have any application in respect of sale of such plots of land. As regards sale of that portion of property in which dwelling house was situated on 12-12-1968, in view of fact that assessee had vacated the house on 01-08-1967 and, consequently, he was not in occupation of said property as dwelling house during entire period of two years preceding date of transfer, no exemption under section 54 could either be granted even in respect of this sale.²⁴

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24. S. Radhakrishna v. CIT [1984] 145 ITR 170 (Mad.)