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Q. > Please Help: Capital Gain
Please provide the exemption allowed in case of short term capital gain arising on sale of short term capital assets (Land).
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Comments
Shweta Grover
11-Feb-2015 , 09:01:58 pmIf d land is agricultural den u/s 54B If it is nt agricultural land or if it is used for industrial purpose den u/s 54D
gitanjali
12-Feb-2015 , 11:09:38 amIf the sold asset is an Agricultural land which has been used for the agricultural purposes by individual or by his parents for a min period of 2 yr then capital gain arised on the sale of such land can be exempted under Sec. 54B by purchasing another agriculatural land within a period of 2 yrs from the date of transfer of previous land. Also short term capital gain can be set off against any income under the head "capital gain".
Alok Kushwaha
13-Feb-2015 , 11:52:59 amGains arising from the transfer of a short-term capital asset are treated as short-term capital gains and included in the total income of the taxpayer for taxation at the rates applicable to him.
K George Philip
13-Feb-2015 , 03:20:17 pmThere is no specific exemption for short term capital gains. It is taxable at normal rates along with other incomes. But the basic exemption limit is available.
K George Philip
13-Feb-2015 , 03:20:42 pmThere is no specific exemption for short term capital gains. It is taxable at normal rates along with other incomes. But the basic exemption limit is available.