One of our client has sold his residential Flat & with that sale amt including the short term capital gains he has purchased another house which will be used for residential purpose.
In this case as the gains are short term he can not claim exemption u/s 54., so is he required to pay tax on such short term capital gains or is there any exemption that he can claim.
No Exemptions available for Short term Gains. sec 54 is only for Long Term
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