Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 May 2012
Dear Sir,
A person has sold a house property in Jan 2012 which he had purchased in Dec 2010 on which he earned a capital gains of Rs. 10 lacs.
Please advise where he can invest this proceeds/capital gain amount to avoid capital gain tax. As per my understanding, there is no provision in exemption sections 54 to 54H for saving of capital gains on short term capital asset. Even 54EC is for capital gain on sale of long term capital asset.
In short, please advise is there any legitimate way of avoiding/minimising the capital gain tax in such case.
A person has sold a house property in Jan 2012 which he had purchased in Dec 2010 on which he earned a capital gains of Rs. 10 lacs.
Please advise where he can invest this proceeds/capital gain amount to avoid capital gain tax. As per my understanding, there is no provision in exemption sections 54 to 54H for saving of capital gains on short term capital asset. Even 54EC is for capital gain on sale of long term capital asset.
In short, please advise is there any legitimate way of avoiding/minimising the capital gain tax in such case.
08 May 2012
NO. For Short term capital Gains no such measures are available. One can get deduction Under Chapter VI A (80C etc) provided proper investments are made in time
Sumti Bhadani
(Expert)
08 May 2012
There is no such exemption available for short term capital gain. You have to look for other deductions under chapter VI A
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