Short term capital gain
This query is : Resolved
26 October 2009
Dear Sir,
If a house, shop or a land is sold with profit within one year of its purchase, then are there any deductions available for the profit made. Plz explain what deduction are available and how they can be availed
Thanks
Sumit Navani
If a house, shop or a land is sold with profit within one year of its purchase, then are there any deductions available for the profit made. Plz explain what deduction are available and how they can be availed
Thanks
Sumit Navani
CA. Vinod Pandey
(Expert)
26 October 2009
If it is business assets then profit earned would be STCG and no exemption available in this case. On other hand gain would depend on period for which it has been held by the transferor and exemption available if it is invested in specified manner.
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