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.
CA Navin Jain
(Expert)
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.
CA Mukesh Jain S
(Expert)
17 July 2011
Gain is LTCG since the land is long term capital asset & he can compute indexed cost of acquisition
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