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Query Answer
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Respected Sir,

as my client has purchase non-agriculture land on 01.04.2017 900000

he build his house on it expenses around 1500000

Sold in 11 month at 3050000

What would be taxable income as short term capital gain, please guide me.

What are alternative to save tax.

Reply

Dear Sir,

Calculation of Short term capital gain is  as follows-

Particulars

Amount in Rs.

Full value of consideration

30,50,000

Less: cost of acquisition

(9,00,000)

Less: cost of improvement

(15,00,000)

Taxable short term capital gain

6,50,000

There is no alternative to save tax on short term capital gain you can set off your short term capital losses against such income.

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