Short Term Capital Gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2011
I have a commercial property in Gurgaon which was purchsed by me at the rate of 4400 per square feet in the month of January 2010. The registry of the property was done in the month of October 2010.
Now I want to sell the same. The current circle rate has increased to 6100 per square feet.
I would like to know whether the gain will be subjected to any TAX LIABILITY?
If yes, than how much,
I would like to have my residential apartment wherein I would like to invest the amount recd from this deal.
I need to clarify whether the reinvesting option can reduce my Tax Liability or not.
I have a commercial property in Gurgaon which was purchsed by me at the rate of 4400 per square feet in the month of January 2010. The registry of the property was done in the month of October 2010.
Now I want to sell the same. The current circle rate has increased to 6100 per square feet.
I would like to know whether the gain will be subjected to any TAX LIABILITY?
If yes, than how much,
I would like to have my residential apartment wherein I would like to invest the amount recd from this deal.
I need to clarify whether the reinvesting option can reduce my Tax Liability or not.
19 May 2011
6100-4400=1700 per square feet would be added to your taxable income of the year of sale.
sec 54 is inapplicable in short term capital gain.
sec 54 is inapplicable in short term capital gain.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
