House Sold with in two yers

Ravi Mathur (Service) (130 Points)

16 March 2010  

X purchased a house . first installment given in Nov'07. & Last payment given in July 2008. house acupied in July 2008. regitry made in May  2008.   X sold his house in Feb'2010 . big amount with gain has been taken. remaining amount as cash has to be taken (still pending) Registry of this house has been made. in feb 2010

Question No. 1 is this transction came in Long Term / Short Term

Question No. 2 . If Short term loan , can we go for first transction to last transction , just to save the short term gain tax .

Replay soon