short term capital gain for a.y. 09-10

C.A. Hardik Joshi (Manager) (111 Points)

13 September 2009  

my friend sold his house(long term) and purchase within 8 months from the date of sale hos old house. he sold house for 8 lacs and purchase a house worth rs. 6.5 lacs. so 1.5 lacs can be taxed as short term capital gain? at what rate? please respond me.