Capital Gains tax -House Property

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 .

Replies (2)

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

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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