Deduction under section 54 from short term capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 July 2011
A person purchase a house in November'2010 and sold it in January'2011 its a short term capital gain. then he purchase another house in February'2011.
Pls clarify can he claim deduction for the cost of purchase of another house from that short term capital gain
Pls clarify can he claim deduction for the cost of purchase of another house from that short term capital gain
30 July 2011
No he cannot. As the deduction u/s 54 is available only in case of a LONG TERM CAPITAL GAIN.
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