namrata (Chartered Accountant) (47 Points)
18 April 2012Hi,
Say house property is sold within three years of acquisition and hence short term capital gain arises. Can the capital gains be invested in any manner so that short term capital gain tax need not be paid? Since sec 54 is availabe only on long term residential property we cannot use the above section in the given case.
Thanks,
Namrata
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 18 April 2012
No provision is there for STCG arising on sale of house. the entire STCG would be taxable @ 15%.
yashsr
(CA)
(2285 Points)
Replied 24 June 2012
| Originally posted by : Giridhar S Karandikar | ||
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No provision is there for STCG arising on sale of house. the entire STCG would be taxable @ 15%. |
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It'll be taxed at slab rates and not 15%!!
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 24 June 2012
dear entire capital gain will be taxable as per your slab rate.. there is no provision of exemption under short term gain...
@ Giridhar - such 15% tax is appicable where there is short term capital gain on sale of shares...
CAclubindia
