Need help: short term capital gains setoff on house property

Tax queries 1386 views 7 replies
User Avatar

senior software engineer
25 Points Joined March 2011

Hi,

I am Deepti. I bought a flat (my first flat) on loan. It got registered in my name on 16th December, 2010. The last instalment to the builder was given on 20th January, 2011.  I sold my ESPP shares (NASDAQ - within 12 months of vesting) on 11th January,2011. I have to pay ~30000 tax on the profits that I got from selling ESPP. I heard from someone that since I bought my first flat within an year of selling shares, I don't have to pay the capital gains tax. I tried to read about it in internet. I found section 54F. But looks like that is only applicable to long term capital gains. Please let me know if there is any other section for short term capital gains? I appreciate any help with this. Thanks in advance.

Regards,

Deepti

Reply Share Follow
On 15 March 2011 at 12:42 Report
Replies (7)
User Avatar

Learner
3134 Points Joined September 2009

 

There is not such section on short term capital gain you have to pay tax on whole STCG…

Reply
On 15 March 2011 at 12:47
User Avatar

student
123 Points Joined July 2008

Hello Deepti

There is not such section on short term capital gain it is for Long term Capital gain so You have to pay Tax.

Reply
On 15 March 2011 at 12:57
User Avatar

Articled Assistant
170 Points Joined March 2010

Sec 54F relates only with LongTerm Capital Gain. Hence u cant avoid Short Term Capital Gain & need to pay the tax in this regards.

 

Regards

Ram. 

Reply
On 15 March 2011 at 13:03
User Avatar

senior software engineer
25 Points Joined March 2011

Thanks everyone. What is the tax %age I should pay? These shares are on NASDAQ.

Reply
On 15 March 2011 at 14:32
User Avatar

Learner
3134 Points Joined September 2009

 

15 % on STCG..

Reply
On 15 March 2011 at 14:40
User Avatar

glidor@gmail.com
21068 Points Joined January 2010

15% if STT is paid, otherwise added to normal income and taxed as per slab

Reply
On 15 March 2011 at 14:44
User Avatar

Accounts Officer
141 Points Joined November 2009

Section 54F is Applicable on LTCG.  U have to pay tax on STCG @ 15%

Reply
On 16 March 2011 at 11:39

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading