Short term capital gains tax
This query is : Resolved
Querist : Anonymous
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?
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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