Capital gains
This query is : Resolved
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)
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
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
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)
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