Short term Capital Gain

Dileep K Jain (Fianancial Consultant) (65 Points)

18 November 2009  

I have booked a flat in 2006 and got possession in MArch, 2008 at a cost of Rs. 15.12 lakhs+Rs. 2.00 lakhs towards one time maaintenance, club membership & ar parking + Rs. 1.50 lakhs Registration & Stamp duty + Rs. 1.50 lakhs incurred on addition & Alterations of flat.

I have sold out that falt for Rs. 27.00 lakhs in November, 2009 and paid brokerage of Rs. 45,000/- From the rest of amount I have paid Rs. 7.50 lakhs towards outstanding HB Loan and purchased land for Rs. 15.75 lakhs and apid brokerage Rs. 21000/- and Registration & Stamp duty of Rs. 1.00 lakhs only.

Please guide me on the followings:
1. Whether capital gain is hort terms or long term
2. Whether the capital gain will be set off agianst the land purchased
3. How much will be tax liability as the flat was sold within 20 months

4. How I cane save the maximum tax.