Calculation of capital gain

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shefali awadhiya (Querist)
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08 March 2014 dear experts.
if plot is purchased before 3 years ago n house is constructed in current financial year thereon.and want to sale out that house before 31 march. what are the tax liability?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 March 2014 Gain on plot is 'long term capital gain' and that of building is 'short term capital gain'.

shefali awadhiya

shefali awadhiya (Querist)
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08 March 2014 thank you sir. again my question is can i calculate separate cost for both? bcz house is constructed on that plot.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 March 2014 For details please refer the case law
CIT Vs. Dr. D.L. Ramachandra Rao [1999] 236 ITR 51 (Mad).

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