IT - Sale of property
This query is : Resolved
23 April 2022
Individual bought land for 10 lakhs during 2005. Individual rented the land to a Private limited company in which that individual is a Director and the private limited company constructed building for Rs 25 lakhs during 2016 in the land and claimed depreciation for the building. Individual sold the land with building for Rs. 100 lakhs during 2021. Kindly clarify the long term capital gains.
23 April 2022
Long term Capital gains= Rs 100 lacs - indexed cost of land.
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