Long term capital gain and provisions to minimize the tax
Querist : Anonymous
We, I (myself & my two sisters) have inherited a 10.00 bigha plot of a land from my father during the year 1985, which was purchased by my father for Rs. 1,000/-per bigha only long ago.
Total cost by father 10,000
We had to incur various expenses like earth filling, road construction etc. etc. on each
plot @ Rs. 50,000/- per plot.
Total Expenditure 500,000
Now the said land is converted in 10 nos.plot of 1.00 bigha each and is going to be
sold to various persons @ Rs.2.00 lac per bigha each.
Total sale price 2,000,000
Hence, Sale proceed 2,000,000
Less: Cost & Expenses 510,000
Long Term Capital Gain 1,490,000
Sir, whether the above calculation is correct ? If correct, what are the various provisions to minimize the tax on LTCG ?
Querist : Anonymous
Querist : Anonymous
Expert : Anonymous
Expert : Anonymous
- Year of sale
- Dates on which expenditure of Rs. 500000 was incurred
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