Gopal Poddar (CA CS Final) (239 Points)
28 February 2013hello sir
a building(short term property) sold in previous year...all payment regarding purchase & sale of property through my bank account only..
property cost =9 lac
registration cost & others=1 lac
sale consideration=18 lac
holding period=2 yrs
i have taken a loan of 6 lac to buy this property in my name .... sir now i am facing a huge burden of cap gain tax...so please suggest me some way to save tax...please..
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 28 February 2013
one way to reduce STCG tax is that reduce the white portion and increase the black portion of the consideration, so that tax will be attracted only on white portion. But this is upto you how much you are willing to accept in black. Also there are high risks involved in black money such as how to keep the money how to invest it etc...
There's no other way to save tax on this as no benefit is available on any short term capital gain.
CAclubindia
