Capital Gain on Leasehold Land and Building
This query is : Resolved
Anshuman Bardhan
(Querist)
28 June 2021
A person had taken land on 30 years lease in 1977 which was renewed on 2007. He paid Rs 3600 as premium at the time of taking the lease in 1977. A house has been constructed in the land around 1977-1980. The lease hold land along with house has been sold for Rs 30 lakhs. Kindly advise on the calculation of capital gain.
CA R SEETHARAMAN
(Expert)
28 June 2021
Consider market value of the building as on 1/4/2001 and update it with indexation. Capital gain is 30 lacs minus indexed cost. Market value of premium payable on 1/4/2001 on land lease can be updated with indexation can also be reduced from sale value.
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