How much is the short term capital gain tax in india for selling residential properties?

we r selling residential property in 2 years n simultaneously buyn another 1 wid increas in bank loan..wheather we require 2 pay the short term capital gains tax?if s how much? is there a way to avoid it..

Short term capital gains on property is fully taxable. That means the short term capital gains income will be added to other income of other heads like salary, house property income, income from other sources. Even if you buy a new house it is of no use. Gains set off through purchase of new house is only when your gains are Long Term Capital Gains.

To avoid tax, Waite for one more year and sell the house property after it became more than 3 years.

Tax Calculations:
Your salary income Rs.1,00,000
Your short term Cap. Gains Rs.2,00,000
Your other source income Rs.50,000

Your total income is Rs.3,50,000. You have to pay tax on Rs.3,50,000.

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