Capital gain

This query is : Resolved

bhavesh (Querist)
Follow

24 July 2013 Sir I Have Purchase Own Residential House In 2008 The Amount Is 100000. I Have Sold This House In 2011 In 200000 Then After 2 Months I Have Purchase a New House About 190000 . So Can I I Have Pay Capital Gain Tax If Paid Which Amount Please Guide Me.

Thanks For Advance

Bhavesh Mehta

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

24 July 2013 1. The asset is a short term capital asset as it has been held for less than 36 months.
2. Capital gain will be attracted on the sale of such asset.
3. Short term capital gain will be Rs. 1,00,000.
4. STCG shall be included in your other income and tax on total income shall be computed as per the slab rates.

Aashish Tiwari

Aashish Tiwari (Expert)
Follow

24 July 2013 The tax treatment is differ in case, holding property more than 36 month.. Compute month from 2008 (purchase) to 2011 (sale). If its less than 36, follow d treatments mentioned at first.
Regards

Upgrade to CAclubindia Pro. Subscribe Now!