capital gain

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sunny (Querist)
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30 July 2010 in which head we calculate long term capital gain arises on transfer of house property as taken as deduction in 54f and that property has been transfer within 3 yr

CA. Pradeep Nayak

CA. Pradeep Nayak (Expert)
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30 July 2010 If the house property was transfered within 3 years from the date of acquisition, it is a short term capital gain.

sunny

sunny (Querist)
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30 July 2010 but how we will treat in computax and in which head it is taxable

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 July 2010 The capital gain exempted under section 54 F will be assessed in the head capital gains itself in the year in which the the new property is transferred. Ref section 54F(3) for details.

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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10 August 2010 capital gain exempted u/s 54 F will be reduced from cost of acquisition of new property and then after short term capital gain will be calculated.

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