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Is short term capital gain arise or not?

Tax queries 635 views 2 replies

I purchased house property in April 2010 worth Rs.36 lacs

In April 2011 i sold the same house property at Rs.45 lacs

Rs. 9 lacs more than my value of original cost of asset.

is short term capital gain arise on 9 lacs?

what if i purchase another house property in Month MAY 2011 worth Rs. 30 lacs?

is short term capital gain on Rs. 9 lacs?

 

will your opion change if i purchase new house property of Rs. 50 lacs?

 

i know about section 54 exemptions. but it applicable to long term capital gain. Is it applicable to Short term also?

Replies (2)
Exemptions u/s 54 are not applicable for Short Term Capital Gain Transactions. Regards, Devendra Kulkarni

Short term Capital Gain arises and exemption u/s 54 is not available.


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