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Short term capital gain on residential house property

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17 July 2012 An assessee sold a residential house property and short term capital gain arisen. If he constructed another one in the same year, will there be any exemption avilable to him or whole of the STCG will be taxed?? (since section 54 exemption is for LTCG only).
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17 July 2012 sorry.... no exemption will be allowed
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 October 2021 Short term capital gain is taxed as per slab rate, without any exemption under the IT act.
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