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Short term capital gains calculation & Exemptions available?

Tax queries 690 views 1 replies

Hi

I have purchased a Flat on January 2007 for 13 lakhs. Now I have sold this house on October 2009 for 17 lakhs. In the sale deed the market values mentioned as 20 lakhs & the purchaser had paid stamp duty for that market value.

I did some furniture & electrical fittings in 2008, which cost me around Rs.1 lakh.

I have paid around Rs. 88000 in cash to the builder as transfer charges. But he has not given any receipt for that. And I have paid Rs. 42000 to broker in cash but no receipt.

I want to know the capital in this transaction to pay the Tax.

Regards

Satish

Replies (1)

 sc 20lacs as per sec 50

coa 13 l

coi 2.3l (bt u need 2 v documentry evidence...so that u dont hv problem if ur case is taken up in 143(3)

nature...(stcg)(u shud hv waited for 4 more months...thne nature wud be lcg ...which is liable to tax at lower rates)

u wull get exemption on reinnvestment under sec 54 and 54ec


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