Hi Team,
I have a query. I bought a house in 2010 in Mumbai and now I want to sell it. I will buy another house with the proceeds. Can you please let me know if there will be any capital gain tax.
Regards,
Ujjwal Jha
Menu
Capital gain tax
Replies (2)
Dear Mr. Ujjwal,
I dont think you would be eligible for exemption since the property you are selling is a SHORT TERM CAPITAL ASSET. Exemption from capital gains by investing in new house is available only on Long Term Capital Asset. Hence, sec 54 would not be applicable in your case.
You will have to pay tax on STCG arising out the sale / transfer of your residential house property.
Being short term capital gain Tax would be levied according to the slab.
Recent Topics :
- INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
- Tempsens Instruments IPO GMP Allotment Listing dat
- Upload Type - Correction. Not showing in TDS filli
- Partnership tax audit query
- ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
- Form 146 foreign remittance us citizen
- GST 16(2) notice
- Which GSTR-1 upload error do you hit most often?
- Need advice regarding accounting fees
- Is it possible to get a refund for an accidental o
Related Topics :
CAclubindia
