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.
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