Hi Team,
I have a query. I bought a house in 2010 in Mumbai and now I want to sell it. I will buy another house with the proceeds. Can you please let me know if there will be any capital gain tax.
Regards,
Ujjwal Jha
Hi Team,
I have a query. I bought a house in 2010 in Mumbai and now I want to sell it. I will buy another house with the proceeds. Can you please let me know if there will be any capital gain tax.
Regards,
Ujjwal Jha
Dear Mr. Ujjwal,
I dont think you would be eligible for exemption since the property you are selling is a SHORT TERM CAPITAL ASSET. Exemption from capital gains by investing in new house is available only on Long Term Capital Asset. Hence, sec 54 would not be applicable in your case.
You will have to pay tax on STCG arising out the sale / transfer of your residential house property.
Being short term capital gain Tax would be levied according to the slab.
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