Hi,
I am Deepti. I bought a flat (my first flat) on loan. It got registered in my name on 16th December, 2010. The last instalment to the builder was given on 20th January, 2011. I sold my ESPP shares (NASDAQ - within 12 months of vesting) on 11th January,2011. I have to pay ~30000 tax on the profits that I got from selling ESPP. I heard from someone that since I bought my first flat within an year of selling shares, I don't have to pay the capital gains tax. I tried to read about it in internet. I found section 54F. But looks like that is only applicable to long term capital gains. Please let me know if there is any other section for short term capital gains? I appreciate any help with this. Thanks in advance.
Regards,
Deepti
CAclubindia
