I purchased a residential flat in 2010. I want to sell it now. Hence, the nature of capital gain will be short term. Because of this, I'll be taxed @ 30%(my tax slab). I'll get no indexation benefit. Plus I will not be able to take advantage of 54, 54EC or 54F.
Now, is there a way out for me to avoid being subject to this huge capital gains tax? Is there any other exemption which can be claimed even for Short Term Capital Gains from Sec 54 to 54H or whatever? Any other suggestion to reduce tax liability?
27 June 2012
Bonds can be purchased but that is of no use for exemption as the capital gain is short term. Bonds will help only when the case is of LTCG.
CAclubindia
