Sale of asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2012
i hv purchased house on 10 april 10 rs.2500000 now i want to sale it on rs. 3500000 by july 12. there is a bank loan of rs. 150000 due.
what will be my capital gain tax? short term or long term can i take advantage of section 54??
what will be my capital gain tax? short term or long term can i take advantage of section 54??
CA PARAS BAFNA
(Expert)
29 June 2012
The capital Gain will be short term and as such benefit of Section 54 will not be available.
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