Short term capital gains on residential property

For purposes of capital gains, each co-owner is separately assessed on his or her share of capital gains. Such capital gains will be computed with reference to the original cost of the proportionate share in the property or if it was acquired earlier to April 1, 1981, at the market rate as on that date at the option of the assessee.

However, in your case its a short term gain,

No exemption in any section of the Act..

Have to Pay Short term Capital gain Tax @ as per normal income tax slab...

Dear Aryan

Let me bring a small correction in your view point...

STCG(other than 111A) is taxable at normal slab rates & not @ 15%....

STCG u/s 111A(i.e.. sale of listed equity shares) is taxed @ 15%

@ Sumit Ji,

Thank you very much for your guidance and correction...

Yup it will be taxed as per normal income tax slab..