31 January 2022
Purchased a property, constructed some flats on that property now selling individually.
Query 1 . How to calculate capital gains on it? Means what will be the cost of purchase as plot was purchased and now we are selling in part. Lets say 100 rs property was purchase and now being sold @30*4, some will be sold now some to be sold later on. So how to arrive at capital gain for the purpose of Income tax. Query 2. Is cost of construction allowed if paid in Cash, runs in several lacs.
31 January 2022
It is registered as a built up property, but only part of the property was built earlier now it has several floors and 2 flats on each floor
CAclubindia
