Capital gain

This query is : Resolved

Devendra (Querist)
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16 December 2011 Hello Sir,

I had purchased a open plot in 1998-99 for Rs.80,000/- which I did not shown in balance sheet. Now i want to sell this plot and i want to show capital gain in my I.T.Return. Is there any problem pl. guide me.

Thanks

CA Abhishek Rana

CA Abhishek Rana (Expert)
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17 December 2011 Dear Devendra,

u can show the sale of plot and recognize capital gains in this year's income tax return.

Indexation benefit shall be available as it is a long term capital asset.

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