Hi,
Can you tell me how can save on tax on Short term gain on Sale of house property, if i have sold in last FY? Also suggest if sale same in Current FY?
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Save short term capital gain on sale of house property
Replies (5)
it doesnt matter whether it is in last FY or curr FY. if the nature of gain from sale house property is short term then you dont have any way to save tax as far as i remember. tax on such gain is payable in accordance with the slab income and no fixed percentage is charged.
If property is sold within 3 years from purchase, then it will attract STCG. I think it will be separately taxed at 15% + cess.
You can save save your tax on Short Term Capital Gain against Bills of Short Term Losses- Business Loss, Shares Loss, etc.
Short term capital loss from sales of House property can be set off against same type of Income i.e, Long term Capital gain or Short term capital gain...........
if the return is filed within the prescribed time.........then the any type of loss shall be carry forward to next assessment year.
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