CAPITAL GAIN SHORT TERM OR LONG TERM

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AMANDEEP (Querist)
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09 July 2022 Assessee bought land on 09.05.2019 for 20 lacs. House constructed & completed on 01.06.2020 for 45 lacs

Sold for 72 lacs on 20.07.2021

How should we treat the capital gain. Land as long term gain & construction as short term or both as short term.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 July 2022 Whether land value determined separately in the sale deed?

AMANDEEP

AMANDEEP (Querist)
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16 July 2022 yes sale value is calculated separately for land & construction in sale deed & thereafter sale deed executed on gross amount

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 July 2022 In that case you can calculate gains as said above.

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