Capital Gain LTCG or STCG
This query is : Resolved
09 July 2011
My Client has purchased a Vacant Land on 25/04/2007 for Rs 5.00 lakshs. He sold the said vacant land on 02/03/2011 for Rs 6.50 lakhs. The Profit on Sale is Long Term Capital Gain or Short Term Capital Gain for the Assessment Year 2011-12. Can he compute indexed cost of acquisition in case of LTCG.
09 July 2011
capital gain is long term and assessee can take the benefit of index cost.
09 July 2011
If the land referred to is a 'capital asset' as defined in section 2(14) of the Income tax Act,1961, then gain is LTCG and can also avail indexation benefit.
17 July 2011
Gain is LTCG since the land is long term capital asset & he can compute indexed cost of acquisition
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Scrutiny assessments u/s 143(2) for AY 25-26
- Capital Gain on EUITY Shares
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
