Capital gain
This query is : Resolved
K.V.Ramana Murthy
(Querist)
06 October 2018
I purchased a residential plot on 01.06.2015. In the same plot I started construction of 4 floors building in the month of November 2016 and sold 2 floors on 11.1.2018. Please clarify how to calculate the capital gain tax (LTCG or STCG) ?
Nikhil Kaushik
(Expert)
07 October 2018
while selling the floors, have you transferred part rights in land also?
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K.V.Ramana Murthy
(Querist)
07 October 2018
yes undivided extent of land transferred 66.66 sq. yards for each floor
Nikhil Kaushik
(Expert)
07 October 2018
then the capital receipt to the extent attributable to land should be taxed as LTCG and the floor as STCG.
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K.V.Ramana Murthy
(Querist)
07 October 2018
Thank you sir.
Whether I can avail exemption on investment of new house property if I declare land portion in LTCG since I have sold the land as undevided extent with house.
What will be the date of acquisition for STCG. Completion of constrution certificate issued by the project engineer is sufficient ?
Whether I can avail exemption on investment of new house property if I declare land portion in LTCG since I have sold the land as undevided extent with house.
What will be the date of acquisition for STCG. Completion of constrution certificate issued by the project engineer is sufficient ?
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