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Capital gains

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(Querist)
03 September 2011 I have sold a flat which was purchased 2 years back.Can I save the short term capital gains by investing the proceeds in a new flat or invest the same in capital gain tax saving bonds.Please guide me.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 September 2011 Reinvestment benefit, as cited, can't be availed for STCG by virtue of law.
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CA Navin Jain

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CA Navin Jain (Expert)
03 September 2011 THERE IS NO OPTION FOR SAVING OF SHORT TERM CAPITAL GAIN IN THE INCOME TAX ACT, THEREFORE YOU HAS TO PAY TAX,
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