Upgrad LLM

capital gain from property sail


Can anyone clarify my doubt regarding capital gain from Property.

I bought a flat in year 2012 and planning to sell it this year i.e 2013

I know that the gain/profit qualifies for short term capital gain. Also, the gain qualifies for Short Term Capital Gain.

But I plan to re-invest the capital gain in purchasing a house.

Pls let me know whether the gain qualify for tax payment ?

 
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Your Query: I bought a flat in year 2012 and planning to sell it this year i.e 2013

 know that the gain/profit qualifies for short term capital gain. Also, the gain qualifies for Short Term Capital Gain.

But I plan to re-invest the capital gain in purchasing a house.

- whether the gain qualify for tax payment ?

REPLY: No. As the transferred asset is not a Long Term Capital Asset, no exemption under S.54  is admissible.
 
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No, Sec. 54 & 54EC deals only with Long Term Capital Gains.

 
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