Calculation of capital gain
This query is : Resolved
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?
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?
08 March 2014
Gain on plot is 'long term capital gain' and that of building is 'short term capital gain'.
08 March 2014
thank you sir. again my question is can i calculate separate cost for both? bcz house is constructed on that plot.
08 March 2014
For details please refer the case law
CIT Vs. Dr. D.L. Ramachandra Rao [1999] 236 ITR 51 (Mad).
CIT Vs. Dr. D.L. Ramachandra Rao [1999] 236 ITR 51 (Mad).
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