SHORT TERM GAIN ON HOUSE PROPERTY
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2010
I PURCHASED A FLAT 2 YEARS BACK WITH HOUSING LOAN. BUT SINCE IT WAS FAR FROM MY OFFICE, I HAD TO SELL IT WITHIN 2 YEARS. HOWEVER, I BOOKED ANOTHER FLAT NEAR MY OFFICE.
MY CONSULTANT SAYS THAT IT IS SHORT TERM CAPITAL GAIN FOR A.Y.2011-12 AND THAT I HAVE TO PAY HEAVY TAX. EVEN THE INTEREST I PAID ON THE HL IS NOT DEDUCTED. ONLY SALE VALUE - PURCHASE VALUE
I AM LOOSING HEAVILY SINCE I HAVE ALREADY PAID INTERST ON HL AND NOW HAVE TO PAY TAX. IS THERE ANY REMEDY
MY CONSULTANT SAYS THAT IT IS SHORT TERM CAPITAL GAIN FOR A.Y.2011-12 AND THAT I HAVE TO PAY HEAVY TAX. EVEN THE INTEREST I PAID ON THE HL IS NOT DEDUCTED. ONLY SALE VALUE - PURCHASE VALUE
I AM LOOSING HEAVILY SINCE I HAVE ALREADY PAID INTERST ON HL AND NOW HAVE TO PAY TAX. IS THERE ANY REMEDY
22 June 2010
your consultant is right, no other remedy. deduction of intt. upto 150000/- can be claimed in the year when it was SOP
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