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Capital gains tax receipt


shaikh sajeed (Associate)     21 January 2020

shaikh sajeed
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what should be done from the amount received from the sale of property (land/building) less than 24 months?
For how much period should it be in the bank account before making any kind of investments?
Should the amount be taxed as normal or capital gains tax?

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ajeet singh   21 January 2020

ajeet singh

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Before the end of fy in which amt received in separate capital gain account

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shaikh sajeed (Associate)     21 January 2020

shaikh sajeed
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Please reply completely

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Avtar Singh   21 January 2020

Avtar Singh

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Sale of property within
24 month is a short term gain and taxable as normally.

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ajeet singh   21 January 2020

ajeet singh

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Yes its stcg no deduction is available

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shaikh sajeed (Associate)     22 January 2020

shaikh sajeed
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Thank you both of you

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CA Arun Tiwari (Partner)     23 January 2020

CA Arun Tiwari
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Sec 54 Series of the Income Tax Act gives the benefit to the Taxpayer to exempt their income from the Capital Gain (here , Short term )

So if you have proceeded from the Short term capital gain (sale within 24 months from the date of purchase) then you can invest the same sale consideration amount in the required capital asset as required in the relevant section.


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