Tax on Property

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Chetan Goyal (Querist)
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16 February 2009 Hi,

I am not from the tax or related profession, but need help from expert.

Purchased House Injoint Name with my wife(Not Working):
on 31st March 2007 @ 4.5 LACS Value.

Now Selling it now in Feb 2009 @ 7 lacs

How should I calculate short term capital gain which I am supposed to show on my IT return.

Thanks in Advance
Chetan

CA Parvin Ahuja

CA Parvin Ahuja (Expert)
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16 February 2009 Sale price minus Cost would be short term capital gain and would be included in total income.

V.K.SUBRAMANI

V.K.SUBRAMANI (Expert)
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17 February 2009 THE TAXABLE CAPITAL GAIN BEING SHORT TERM,NO INDEXATION BENEFIT IS POSSIBLE.SINCE YOU ACQUIRED THE ASSET FROM YOUR OWN SOURCE(ON THE ASSUMPTION YOUR WIFE BEING HOUSE MAKER WITH NO SOURCE OF INCOME)THE ENTIRE SHORT TERM CAPITAL GAIN IS TAXABLE INYOUR HANDS.