nishit (proprietor) (60 Points)
18 May 2012Mr.A has sold Commercial Property in May'12 and has purchased on Apr'09 only by payment of consideration (Without making sale deed), but the sale deed is prepared in May'11. So, whether gain arising from sale of Property is STCG or LTCG.
If it is STCG, then whether any deduction can be claimed for purchase of another property in same year ? (I think not available).
Pls. reply me on this matter.
ca nishajain
(ca)
(28 Points)
Replied 18 May 2012
capital gain becomes taxable on the base of beneficial ownership....so here STCG arises.
yes there is no deduction/exemption available on purchase of another house property from the sale consideration.
CAclubindia
