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It on sale of resident plot.

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(Querist)
24 September 2012 Respected Sir,

I have purchased resident plot on dtd. 17-7-2007 in partnership.In this partnership my mother's share is 50% and we invest Rs 60000/-.

On dtd. 4-2-2010 we purchased rest of 50% share at Rs 260000/-.

Now if we sale this plot in Rs 1000000/-what should be the Income Tax ?

Whether it should be under STCG or LTCG.
My mob no-9427681909
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Amol S Joglekar

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Amol S Joglekar (Expert)
24 September 2012 period of holding being less than 36 months, it will be short term capital gain
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Amol S Joglekar

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Amol S Joglekar (Expert)
24 September 2012 the share purchased on 4/2/2010 is short term and the earlier one is long term
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