Hi,
Can you tell me how can save on tax on Short term gain on Sale of house property, if i have sold in last FY? Also suggest if sale same in Current FY?
5 Replies
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 23 June 2014
it doesnt matter whether it is in last FY or curr FY. if the nature of gain from sale house property is short term then you dont have any way to save tax as far as i remember. tax on such gain is payable in accordance with the slab income and no fixed percentage is charged.
Mihir
(Wealth Manager)
(5293 Points)
Replied 24 June 2014
If property is sold within 3 years from purchase, then it will attract STCG. I think it will be separately taxed at 15% + cess.
Studentsca
(CA Practice )
(3577 Points)
Replied 24 June 2014
You can save save your tax on Short Term Capital Gain against Bills of Short Term Losses- Business Loss, Shares Loss, etc.
saurabh shahu
(Audit Assistant)
(142 Points)
Replied 04 July 2014
Short term capital loss from sales of House property can be set off against same type of Income i.e, Long term Capital gain or Short term capital gain...........
saurabh shahu
(Audit Assistant)
(142 Points)
Replied 04 July 2014
if the return is filed within the prescribed time.........then the any type of loss shall be carry forward to next assessment year.
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