P Gupta (practice) (75 Points)
23 April 2008i booked a flat 3 years ago and i received the possession recently. If i sell it now, do i have to pay short term capital gain tax, which is applicable if property is sold within 3 years.
Basically, it will depend on if 3 years period is counted from booking date or actual possession date.
Is there any (investment) option available to avoid short term capital gain?
suresh
(M-F&A)
(69 Points)
Replied 23 April 2008
i think it should be considered from the date of possession only, and u can invest the amount in 54EC bond to avoid short term capital gain tax.
P Gupta
(practice)
(75 Points)
Replied 26 April 2008
As per info I have, there is no way to avoid short term capital gain tax from property. Only long term capital gain tax can be avoided by investing in some specific bonds or some other property.
CA Akshat
(article)
(422 Points)
Replied 26 April 2008
P. gupta is right section 5 4 investment in other property is available only for LTCG not for STCG.....
CAclubindia
