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House Sold with in two yers

Tax queries 440 views 2 replies

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

Replies (2)

Dear Ravi,

In ur case it would be Short Term since even from Nov 2007 the period of holding is less then 36 months..

Mere fact that consideration ws discharged in pecimal would not have much effect.

Important is when X entered in to agreement to buy d house in Nov 2007  or before that.

Waiting for another opition. i want to set this issue in long term simple, just to save the I Tax


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