How to calculate short term capital gain on sale of h.p.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 April 2012 How to calculate short term capital gain on sale of House property? Shall I consider capital gain from date of registration of property or from date of possession?Will I get any benefit if I invested entire sale proceed for purchasing new house? Will I get any other deduction? At what rate I will be taxed?Shall I have to add back deduction which I have claim for repayment of Housing Loan?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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28 April 2012 Short term means you have purchased property withing 36 months and also sold during that period. So for short term no deduction is available. As regards calculation of short term capital gains the time should be calculated from the date of registration or first payment by way of an agreement to the date of sles. The difference in purchase price and the selling price is your capital gains. No other deduction except the cost incurred in purchase and sale is allowed to be adjusted.