Upgrad LLM

property


I have been alloted a plot by HUDA in Panchkula (Haryana) on 24-04-2004 through draw. which is cost Rs 573000/- . I pay  all the annual installments till April 2009. In october 2009 i was sold it in Rs 1571000/-.

My queries are

1 it is my short term capital gain or long term capital gain ?

2 if it is Short term capital gain how i can save my tax.

regards.

 
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practicing advocate

It is long term capital gain.  To save the tax you will have to invest in the capitl gain schemes within 3 years.

 
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