Capital Gian
This query is : Resolved
Amit Mishra
(Querist)
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
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
(Expert)
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
(Expert)
29 September 2008
I agree
Amit Mishra
(Querist)
29 September 2008
Sir
But i invested more in my another flat then we also give capital gain
But i invested more in my another flat then we also give capital gain
CA Gaurav Khanna
(Expert)
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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