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Short term capital gain

Irshad Ahmed (Student CA IPC / IPCC) (25 Points)

26 May 2016

hey friends wheter i can claimed exemption on purchase of flat aftet selling of gold

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anonymous (student) (750 Points)
Replied 26 May 2016

no... you cannot

Abhishek Ranjan Singh (Managing Director and Founder of ARS Solutions) (6570 Points)
Replied 26 May 2016

There are no Deduction on any type of short term capital gain

For Long term deduction is available but As gold is not covered under sec 54 for exemption...the same is taxable under capital gains.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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Irshad Ahmed (Student CA IPC / IPCC) (25 Points)
Replied 27 May 2016

but you can claim exemption u/s 54F

Abhishek Ranjan Singh (Managing Director and Founder of ARS Solutions) (6570 Points)
Replied 27 May 2016

Dear Irshad
You 54F is for long term capital gain,

Any Gain arising to an individual or HUF from the sale of any Long Term Asset other than Residential Property shall be exempt in full, if the entire net sales consideration is invested in 1. Purchase of one residential house within 1 year before or 2 years after the date of transfer of such an asset or in 2. Construction of 1 Residential House within 3 years after the date of such transfer.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

Note : If you find our reply useful. Please Score us by clicking on "THANK USER"