Capital gain

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narendra (Querist)
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16 December 2014 Sir,
1)I had purchase a flat on 28/04/2006 in the joint name with my son. His name is as 1st name in the flat.The said flat costs Rs. 24.35 lac. My son taken loan of 15.0 lac and rest money Rs. 9.35 lac invested by me.

2) I bought a flat at Virar on 12.02.2012 for Rs. 15.0 lac. I spent also for Stamp duty, brokerage, society transfer charges, furniture , painting etc. etc. which came in addition of Rs. 3.00 lac. approx. to my flats cost.
Now I sold the said Virar Flat @ 23.00 lac. on 31/07/2014. I spent approx. 75000 for brokerage, society transfer fees. etc.
Please. let me know detail of Tax to be paid for he same OR how can I save the short term capital gain tax.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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17 December 2014 1. Computation of Capital Gain
Sale Consideration 23,00,000
Less: Expenses 75,000
Net Sale Consideration 22,25,000
Less: Cost of acquisition 18,00,000
Short Term Capital Gain 4,25,000

STCG will be taxable at the normal slab rates. You will fall in the 30% tax bracket.

2. Exemption is available only for LTCG arising from residential house property. Exemption is NOT available for STCG.

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