banner_ad

Short term capital gain

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 December 2012 Dear Sir,
I claimed exemption of Long Term Capital Gain i.e Rs.1310783/- in my income tax return filed in JULY 2011 U/S 54 for constructing a new house.I spent Rs.3694000/- on the construction of my new house till date after taking a bank loan of Rs.1200000/-.The construction is still incomplete requiring atleast another 7-8 lacs. But now i am out of funds having no other source left. So I am selling this incomplete house for Rs.4000000/-.
I want to know what will be my SHORT TERM CAPITAL GAIN and how much income tax i have to pay.ALSO can i claim any exemption for not paying the income tax. Please guide me accordingly.
Thank You.
Arun Sharma
Profile Image

Ca. Alok Gupta

Profile Image

Ca. Alok Gupta (Expert)
22 December 2012
Sale Consideration 4000000/=
Less:
Cost of Acq 3694000/-
(-) Capital Gain 1310783/- 2383217/=

Short Term Gain 1616783/=

Tax calculated at normal rate of tax.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details