18 October 2013
mr.a is sold a flat and get STT Capital gain RS.18 lac and mr.a f.y.2008 onward construed a residential house and complete f.y.2011,but Plot Name his wife and house loan Given by bank his wife,( new house legally is mr.a wife name)
than mr.a u/s 54 claim exemption against construed house.
19 October 2013
Agree with Expert, Short Term capital Gain cannot be claimed exemption in any section.. Have to pay Short term capital gain tax @ the slab rate in your case...