SHORT TERM GAIN ON HOUSE PROPERTY
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2010
I PURCHASED A FLAT 2 YEARS BACK WITH HOUSING LOAN. BUT SINCE IT WAS FAR FROM MY OFFICE, I HAD TO SELL IT WITHIN 2 YEARS. HOWEVER, I BOOKED ANOTHER FLAT NEAR MY OFFICE.
MY CONSULTANT SAYS THAT IT IS SHORT TERM CAPITAL GAIN FOR A.Y.2011-12 AND THAT I HAVE TO PAY HEAVY TAX. EVEN THE INTEREST I PAID ON THE HL IS NOT DEDUCTED. ONLY SALE VALUE - PURCHASE VALUE
I AM LOOSING HEAVILY SINCE I HAVE ALREADY PAID INTERST ON HL AND NOW HAVE TO PAY TAX. IS THERE ANY REMEDY
MY CONSULTANT SAYS THAT IT IS SHORT TERM CAPITAL GAIN FOR A.Y.2011-12 AND THAT I HAVE TO PAY HEAVY TAX. EVEN THE INTEREST I PAID ON THE HL IS NOT DEDUCTED. ONLY SALE VALUE - PURCHASE VALUE
I AM LOOSING HEAVILY SINCE I HAVE ALREADY PAID INTERST ON HL AND NOW HAVE TO PAY TAX. IS THERE ANY REMEDY
22 June 2010
your consultant is right, no other remedy. deduction of intt. upto 150000/- can be claimed in the year when it was SOP
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
