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Worried About Paying Tax on Property Profits? Minimize Short-Term Capital Gains!

T S Khurana |91 Answers |Ask -Follow

Tax Expert - Answered on Aug 23, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Jul 15, 2024Hindi

Money

How to avoid paying tax on short term capital gains on property

Ans: STCG on sale of property is taxable under normal rates of income tax. There is hardly any specific exemption on gains under this head. It will depend upon how much income you declare under other heads, like Salary/House Property/Other income etc. You will get some relief, if your income under all other heads is less than the minimum exemption limit (which in your case may be Rs.2,50,000.00). You may go for tax savings u/s 80-C, 80-D etc. to get some tax relief.
Most welcome for any further clarification. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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We 3 brothers have sold in June 23 a property built by our father in 1953 in a town in East Bardhaman. My share is say Rs 6 lacs. What best can be done to avoid capital gain tax. I am submitting ITR every year.

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Sir, i will be selling a land for 80 Lakhs,(buying price was 50 lakhs) what i can do to avoid capital gain tax. Please suggest.

Ans: Assuming it is Income from long term capital gain; to save tax, you can acquire house property and get exemption u/s 54F. As per section 54F, if you want to buy a residential house property from long term capital gain from sale of shares then you must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such shares. If amount can not be utilised before filing return then amount should be kept in CGAS.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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