Capital gain

This query is : Resolved

NIRAJ (Querist)
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16 November 2012 i have purchased commercial property in my HUF on 30-10-10 for Rs. 707550 + stamp duty & Reg. 74765 = Rs. 782315 now i'm getting a offer of Rs. 25Lacs.
1.)So kindly suggest me whether stcg or ltcg will apply?
2.) How to get exemption from income tax as where to invest ie., in commercial or residential property?
3.) How much time available for reinvestment?
4.) Also let me know the method of calculation for capital gain?
As i dont have any residential property in my HUF.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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21 November 2012 1. If the property is held for less than 36 months then it is a short term capital asset and accordingly STCG shall arise on transfer of such property.

2. Since the gain is STCG you are not eligible for any exemption.

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