Saving tax
This query is : Resolved
R. vishwanathan
(Querist)
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...
CA PARAS BAFNA
(Expert)
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.
.
Message likes :
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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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