Is short term capital gain arise or not?

Akshay (Taxation) (514 Points)

29 September 2012  

I purchased house property in April 2010 worth Rs.36 lacs

In April 2011 i sold the same house property at Rs.45 lacs

Rs. 9 lacs more than my value of original cost of asset.

is short term capital gain arise on 9 lacs?

what if i purchase another house property in Month MAY 2011 worth Rs. 30 lacs?

is short term capital gain on Rs. 9 lacs?

 

will your opion change if i purchase new house property of Rs. 50 lacs?

 

i know about section 54 exemptions. but it applicable to long term capital gain. Is it applicable to Short term also?