CAPITAL GAIN ON SALE OF COMMERCIAL PROPERTY

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A partnership firm is selling a commercial property purchased in 2002 for Rs. 2,50,000 and is now selling it for Rs. 61,00,000. They are seeking guidance on the capital gains tax applicable to this sale. Key considerations include whether the property was held for investment or construction purposes, and the applicable tax rate (20% with indexation or 12.5% without).

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(Querist)
22 March 2024 DEAR SIR,
WE HAVE PURCHASED A COMMERCIAL PROPERTY BY RS. 2,50,000/- IN OUR PARTNERSHIP FIRM IN THE YEAR OF 2002.
NOW WE PARTNERS ARE GOING TO SELL THIS PROPERTY BY RS 61,00,000/*
SO EXPERTS ,
PLEASE GUIDE ME ABOUT TAXATION IN CAPITAL GAIN ON SALE OF COMMERCIAL TAX.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 May 2024 For what purpose the land was purchased? Whether it was investment or for construction activity?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 September 2024 For LTCG over the property will be at 20% with indexation or 12.5% without indexation.
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