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Capital gain

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(Querist)
16 January 2013 A State Govt. employee purchased a piece of land on april 2011 of Rs. 11,50,000 and sold it in oct-2012 in Rs. 14,00,000, I want to know the tax implications on the said matter and how can the tax will be minimized??
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Guest (Expert)
16 January 2013 Capital gain of Rs. 2.5 lakhs. Assessee can avail exemption by making investments specified u/s 54 of IT Act, 1961.
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anurag

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anurag (Expert)
17 January 2013 Correct me if I m wrong,
As it is short term capital gain, sec 54 is not applicable.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 October 2021 Yes, its STCG. No exemption available...
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