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Capital Gain

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(Querist)
18 October 2008 I have purchased a plot of land of Rs 1.00 Lacs in 1996 with co ownership 50 % Equal Share with my wife.

I have made construction over the plot in 2007 of Rs 10 Lacs

And in 2008 I have sold the house for Rs 18 Lacs.

Pl clarify my Tax liability and whether it is long term Gain or Short Term Gain
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 October 2008 LAND LONG TERM.
BUILDING SHORT TERM.
THEREFORE SELLING PRICE OF LAND AND SELLING PRICE OF BUILDING MAY BE KNOWN SEPARATELY TO COMPUTE CAPITAL GAINS.
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Gayathri Devi

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Gayathri Devi (Expert)
18 October 2008 If u treat that as buildings and claim depreciation in your assets schedule then it is short term capital assets

land is long term capital asset & if u claimed depreciation then building is short term capital asset
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