Capital gains on property

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Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2018 How will be the capital gains taxed in the following case:
Mr. S has Purchased a House Plot in the year 2010 for Rs. 5,00,000/-
He Started Construction in the above plot in the year 2017 and Completed it in the same Year. Cost of Construction of the house is Rs. 1500000/-
In the Year 2018 (After April) he sold the above property for Rs. 35,00,000/-

How will the above asset taxed to captal gains. Is it Total Long Term Capital Gains or should we bifuricate the land value and construction value as LTCG and STCG. Plz Clarify.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 October 2018 Bifuricate the land value and construction value as LTCG and STCG.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 October 2018 To bifurcate. Inference - CIT Vs. Smt Lakshmi B Menon & Anr. (2003) 264 ITR
76 (Ker).

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