Short term capital gain

whole amount of Rs 731500 is taxable as capital gain. You will not get any exemption under section 54 or any subsection of 54 because in case of sale of land such exemption cannot be claimed however if agriculture land is sold than no tax liability will arise. In current case you have to pay tax by applying basis exemption limit. STCG other than section 111A is taxable as per normal limit. Hence tax payable by you is Rs 73439 or 73500..

Hi Sangeeta,

In your case the entire short term caoital gain would be taxaxble and no deduction could be claimed u/s 54 & 54F as the same is only claimed when the property sold is long term unlike your case.

Hence the entire STCG would be added to your taxabel income and taxed at normal individual slab rate.

Thanks

Respected Sir,

 A) 1) Purchased a plot of Land on 17-04-2015 at Rs. 61500/- and Sold the same plot on dated 21-01-2016 at Rs. 435500/-

Ans. If the plot of land is falling under the definition of agriculture land than no tax is payable and if it is urban plot of land than it is taxable. Here it is short term capital gain under normal slab rate.

2) Purchased a Plot of Land on 11-08-2012 at Rs. 19000/- and Sold the same plot on dated 29-04-2015 at Rs. 376500/-

Ans. Here also it is the short term capital gain.

Your tax liability is Rs.73500 plus interest if any.
 

1) Sir the land is situated at PANCHAYAT AREA but it is not agriculture land.

2) but I have investment Rs. 469800/- on Purchase of Land at same year then in this condition no exemption could be claimed?

3) it means that the Short Term Capital gain amounting Rs. 731500/- @ 15% = Rs 109725/- will be the tax amount.

OR

4) Normal Tax Slab will be treated Income Tax Rs. 73439/-

My Question is why not 15% will be charged as it is STCG. please tell because my consultant have told that STCG attract 15% tax on STCG.

please explain

Please reply Experts

You cannot claim benefit on purchase of land by selling another piece of land . There is no provision under Income tax act which would allow this deduction. There is one provision which covers land for industrial purposes but no not your case. Hence no deduction or exemption is available to you on this. 

Your short term capital gains will be charged under normal slab rate and not 15% flat. 15%on stcg is chargeable in certain cases but it is not in the type of cases as yours. 

Short term capital gain with stt i.e. STCG 111A is chargable @ 15%,

Your STCG is chargeable at normal slabe rate.

If you sell property after 3 year from purchase  then your asset become long term & you get exemption 

You get benefit of another property if you put your original property for 3 years or more