Capital gain exemption

Anubhav Saha (n a) (33 Points)

11 May 2012

Dear members,
Is there any way out for availing tax exemption for short term capital gains arising from sale of residential house?

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3 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 11 May 2012

No. But you can save tax by investing in LIC, Mediclaim, PPF and NSCs upto Rs. 1 Lakh.

Regards,

Devendra

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Member (Management) (325 Points)
Replied 11 May 2012

Exemption under chapter IV E of the Income Tax Act is only for long term capital gains. Short term capital gains is just like any other income.

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krishna (Student) (71 Points)
Replied 14 May 2012

SIR, short term capital gain will be tax as per slab rate. it will be the part of total income

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