Saving tax
This query is : Resolved
30 December 2012
Sir if there is short term capital gain on a plot of land...
purchase price is 15 lacs
sale price is 42 lacs with in 3 years..
what is the ways for tax planning so as to save maximum tax on it....
thank you sir...
purchase price is 15 lacs
sale price is 42 lacs with in 3 years..
what is the ways for tax planning so as to save maximum tax on it....
thank you sir...
30 December 2012
Unfortunately no planning is available as STCG is concerned.
.
However, if the assessee is having losses under any other Head of Income he can set off the losses against such STCG.
.
Further he is eligible to get Slab benefit of Rs 2,00,000 plus Savings or investments made Under Chapter VIA like U/s 80C of
LIP, NSC, PPF ( Max. Rs. 1.00 Lac) and U/s 80D in relation to Medi Claim Premium.
.
.
However, if the assessee is having losses under any other Head of Income he can set off the losses against such STCG.
.
Further he is eligible to get Slab benefit of Rs 2,00,000 plus Savings or investments made Under Chapter VIA like U/s 80C of
LIP, NSC, PPF ( Max. Rs. 1.00 Lac) and U/s 80D in relation to Medi Claim Premium.
.
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09 January 2013
Short Term Capital Gain Tax is payable on the difference between 42 and 15 the only benefit is available as suggested by the expert and I agree with him
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