Dear Members,
One of my client purchased residential property at Mar 2013 of Rs.40 lacs and sold out in Jul 2014 of Rs.65 lacs.
He having Short term capital gain os Rs.25 lacs and he is invested rs 21 lacs on mar 2015 in another residential property.
How much he is liable to pay tax...
On entire 25 lacs or 4 lacs
Regards
Santosh
Yes, on entire amount i.e. 25 lacs.... no exemption for new residential property as it is short term capital gain.
Shyam Joshi & Associates
Pune
B.Com
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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