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Short term capital gains tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 May 2012 If someone buys a residential property and sell it in one year to buy another residential property should he include the capital gains gained from selling the first property in his taxable income?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 May 2012 Yes gain on sale of such property is taxable as Short Term Capital Gain and should be included in taxable income. Such income shall be taxed at the normal rates.
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