santosh patil (Finance Professional) (275 Points)
06 November 2015Dear Members,
One of my client purchased residential property at Mar 2013 of Rs.40 lacs and sold out in Jul 2014 of Rs.65 lacs.
He having Short term capital gain os Rs.25 lacs and he is invested rs 21 lacs on mar 2015 in another residential property.
How much he is liable to pay tax...
On entire 25 lacs or 4 lacs
Regards
Santosh
Karthik.V.Kulkarni
(Chartered Accountant)
(594 Points)
Replied 06 November 2015
Ruchi
(CA)
(1410 Points)
Replied 06 November 2015
Yes, on entire amount i.e. 25 lacs.... no exemption for new residential property as it is short term capital gain.
CAclubindia
