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Capital Gains tax -House Property


Kunal (Manager)     12 May 2010

Kunal
Manager 
 46 points

| My Other Post

I had purchased a house in my name in Sept 07 and sold off the same in Feb '10 , with some appreciation (hence had short term capital gains) . I have now purchased (April'10) a new bigger house ,  jointly with my wife , the cost of which is greater than the sale price of my earlier house .

Do i have to pay short term capital gains in this year's return , from the sale of my previous  house? Is there any way Tax can be saved ?

Which form do i have to fill up for my ITR ?

Neither me nor my wife have any other property .

Vedant Agarwal (Chartered Accountant)     15 May 2010

Vedant Agarwal
Chartered Accountant 
 3 likes  46 points

View Profile | My Other Post

You will have to pay short term capital gain tax as it is a short term gain.

avater

C.Balaji (Learner)     15 May 2010

C.Balaji
Learner 
 125 likes  1862 points

View Profile | My Other Post

Dear Kunal...

Since Short Term Capital Gain arise, there is no way for tax saving....you got no other choice but to pay the tax....


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