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.