Capital gains case study

Possession not merely means the ownership of the house property possession will be considered in sec 54D sec54G and sec54ga

In this case assessee purchased 2 house in dec 2011 Rs.5,00,000 and in march 2012 25,00,000

                                         Sold 1 house in june 2012 Rs. 22,00,000 Assuming sold house is first house 5,00,000

                                         Period of Holding less than 36 months

Short term capital gain will be calculated

sale consideration   22,00,000

less expenses               nil

Net sale consideraiton  22,00,000

less cost of acquisition (5,00,000)

STCG                                17,00,000