Capital gain

lina abood (Querist) 31 January 2012 This query is : Resolved
DEAR EXPERTS,
I HAD BROUGHT FLAT IN 2010 MARCH TO SAVE ON CAPITAL GAIN TAX ON SELLING OF ANOTHER FLAT.
,NOW AND AFTER TWO YEARS I AM PLANING TO SELL IT (COST TO COST WITHOUT ANY PROFIT).
IN THIS CASE IS IT GOING TO BE SHORT INVESTMENT?DO I STIIL HAVE TO PAY CAPITAL GAIN ANY WHERE
PLEASE ADVICE

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Raj Kumar Makkad (Expert) 01 February 2012
You shall have to pay short capital gain tax in the given matter.

lina abood (Querist) 01 February 2012
DEAR SIR,

THANK YOU ALL

C. P. CHUGH (Expert) 05 February 2012
Section 54 of the Income tax Act under which you have claimed exempion from payment of Capital Gains Tax, originally in the Year 2010 prescribe a condition that in case the NEW asset so acquired are sold or otherwise transfered before the xpiry of three years, the deduction so allowed shall be withdrawn in the year in which such asset is sold or otherwise transered.

You shall be accordingly liable for payment of capital gains tax.

prabhakar singh (Expert) 09 February 2012
I do not know when some thing is sold on cost to cost basis where is the GAIN ,short /or long to be TAXED????????????
THE PROBLEM IS THAT EARLIER BENEFIT SHALL BE WITHDRAWN BETTER WAIT FOR 3 YEARS.

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