Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Rajendra Singh (Sr Mgr)     15 November 2013

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 ?



Learning

 2 Replies

R RAJAGOPALAN (ADVOCATE)     15 November 2013

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.

PRANAV P ASHTIKAR (SELF EMPLOYED)     16 November 2013

No, Sec. 54 & 54EC deals only with Long Term Capital Gains.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register