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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.


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