Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Capital gains

Save Share

This query is : Resolved

hemasri (Querist)
Follow

29 February 2016 if I had purchased a land on 01-04-2001 and constructed a building on such land on 1-04-2014 and sold such property on 01-11-2014 . How to determine whether it is short term or long term.( if i'm not in a position to bifurgate their costs)

CA Kapil Verma

CA Kapil Verma (Expert)
Follow

29 February 2016 It is a Long term as purchase made in 2001,

Improvement in made later on in 2014 and its cost will be add in purchase cost for calculating Capital gain.

Kapil Verma
Founder Taxadvizer.com

Message likes : 1 times

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

01 March 2016 What is important is the capital asset that you sell off. Please tell us about the description that is made in your sale agreement/deed (as the case may be) that you entered into on 01/11/2014. (The building construction MAY NOT be regarded as IMPROVEMENT)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now