Capital Gian

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Amit Mishra (Querist)
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29 September 2008 Dear Sir

1. Take possession a flat on Janurary 2008 for Rs. 16,00,000 and in march 2008 sale this flat for Rs.25,00,000.

2. In may 2008 purchase another flat for Rs. 45,00,000.

I ask a question, can we get exemption from capital gain. or if i cannot get exemption then what is the amount of capital gail.

Thanks

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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29 September 2008 You can not because the asset is not a longterm asset. The capital gain is shorterm capital gain

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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29 September 2008 I agree

Amit Mishra

Amit Mishra (Querist)
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29 September 2008 Sir

But i invested more in my another flat then we also give capital gain

CA Gaurav Khanna

CA Gaurav Khanna (Expert)
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29 September 2008 does not matter as the exemption u/s 54 is available only for capital gains arises from the transfer of long term capital asset

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