Please suggest me for the Capital Gain arising from following transaction :- Mr. Ganesh bought a property (Flat) for Rs. 11,00,000 (Including registration) on Jan-2014. He has sold this property for Rs. 16,00,000 on Mar-2016 (less than three years) and there arise a Short Term Capital Gain of Rs. 5,00,000. Query:- 1) Is there any option to save the tax on this value received (Rs. 16 Lakh) like reinvesting the same value for purchase of another Capital Asset. 2) He is planning to buy NA Land worth Rs. 9,00,000 from the sale proceeds, will it help him in tax benefit.
10 March 2016
ok sir.....is there any option to save the tax in the case of STCG if we re-invest the sale proceeds or part of sale proceeds in any other Capital Assets ?????
CAclubindia
