dear friends
one of our client had purchased a flat in march 08 and sold that flat in july 08. he had earned a capital gain of rs 432869 on that flat. so is there any way to save tax on this stcg.
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short term capital gain
Replies (8)
For house property examption is available in 1 section ( Sec. 54) which deals only LTCG not for short term gain.
so there is no way to escape????????????????
NO THERE IS NO WAY TO EXCAPE FROM STCG IN THIS CASE.
no chances to save stcg ........
IF AND ONLY IF THEIR IS SHORT TERM CAPITAL LOSS IN RESPECT OF ANY OTHER SHORT TERM CAPITAL ASSET...........
Can you be absolutely sure that your client has entered into a one time transaction, or is there scope to make it income from Business? That is a way out.
Given that he has held the flat for less than 3 months, there is ample scope for bending the law without breaking it. Please gauge the intention of his transactions to ascertain the true nature of the head of income. Does he just buy and sell property?
ur client has to pay tax on the whole of the stcg,, no chance to save tax thereon..
thanks to all the replies
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