I had sold my house in May 2008 and purchased a plot in NOv 2008 availing exemption under SEc 54, on this plot a house was constructed and completed in May 2011 (within the three year period) now in July 2011 , I have sold this property for which the sale deed shall be executed in Nov 2011. The capital gain shall be around 40.00 lacs. will this gain be a short term gain or a long term gain. In case I want to save this capital gain tax , will buying a house/plot save this tax. Please clarify. Thanks in advance
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Capital Gain
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this will be short term capital gain coz the period of holding is only 2 months..no u cant save this tax by buying a plot or house as sec 54 is fr long term capital gain...
| Originally posted by : Sunshine... | ||
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this will be short term capital gain coz the period of holding is only 2 months..no u cant save this tax by buying a plot or house as sec 54 is fr long term capital gain... |
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I think it is correct that it will be STCG only.
https://www.facebook.com/pages/Ezee-Taxation-Services/193779127343112
short term
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