What is the tax payable on the sale of a commercial premises sold within one yaer of purchase? are there any exemption if the premises was held for more than 3 years? Everton Vales ,Goa
Any gain on commercial premise sold within a year is short term capital gain. Therefore, the gain will become part of your normal income and tax rate will be what is applicable to you. There is no separate tax rate for short term capital gains on any asset other than listed shares or mutual fund units. You can read about tax rates applicable in case of capital gains in earlier post titled Capital gains tax rate simplified !
so, in your case , add the gains on sale of commercial premise in your income and compute the tax applicable to you.
Whether any kind of exemption available?
No, the exemption from capital gains are available only in case of Long Term Capital Gains and there is absolutely no relief from any tax on short term gains.
