Is there is any tax planning for saving short term capital gain on sale of plot? Please advise.
1 Replies
Max Payne
(employed)
(2574 Points)
Replied 20 March 2016
Exemption by investment of capital gain from short term capital assets is available u/s 54B, 54D, 54G 54GA only.
Prima facie, this land does not belong to an industrial undertaking so we are left with only Section 54B for urban agricultural land. Now I am going to assume that this land is not urban agricultural land.
In such a case, since it is not a STCG covered u/s 111A of the Income tax Act, the rate of tax will be slab rate. You can claim Chapter VI-A deductions like 80C-80U against this income. You can set off the losses - House property, business/profession, unabsorbed depreciation, capital gains, other sources - against this STCG.
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