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Capital Gain LTCG or STCG

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(Querist)
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.
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CA Navin Jain

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CA Navin Jain (Expert)
09 July 2011 capital gain is long term and assessee can take the benefit of index cost.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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CA Mukesh Jain S

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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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