Capital gain on property constructed
This query is : Open
Sumiti Jain
(Querist)
24 December 2011
A man has purchased a property in 1990 & after that in year 2011 he constructed the 4 storey on that building. now he has sold the 1/4th part of the land along with one storey.
now whether the gain on slae will be long term or short term?
Will Construction of property be treated as Improvement in already existing property?
now whether the gain on slae will be long term or short term?
Will Construction of property be treated as Improvement in already existing property?
CA PARAS BAFNA
(Expert)
24 December 2011
Your story does not narrate which storey has been sold. It is not clear that 4 storeys have been constructed or 4th storey only has been constructed.
.
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Sumiti Jain
(Querist)
26 December 2011
4 storeys are constructed in 2011 & in the same year he sold 1/4th means one storey out of the 4 storeys with 1/4th share of land.
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