Hi,
I had booked an residential flat under construction, agreement happened on 1st Jan 2009, I have sold this property on 20th May 2011 & purchased another residential flat under construction with the proceed.
Kindly let me know the section in which this short term capital gain on sale of house property be exempted.
Thanks
Shubham
Short Term Capital Gain will be chargeable under Income Tax Act and there is no separate provision to save this Tax. If the case is with respect to Long term Capital Gain then you would have been saved Tax via section 54. 54F, 54EC etc.
When is a property considered acquired u/s 54? Consider, a person acquired a property (residential land) in 2007 and registered it in 2011 and sold it off in 2012. Is this short term gain or long term gain?
In 2012, this person purchased another property (residential house). Does the provision u/s 54 apply?
CAclubindia
