Long term capital gains
This query is : Resolved
24 June 2015
Hello everyone, i need a clarification regarding long term capital gains:
1. A client of mine have purchased land and constructed apartment and sold 9 flats in 2014-15 FY,
where as he dint maintain any separate account for cost of construction of the apartments
so please suggest me how to arrive at the cost of construction i.e cost of improvement (LTCG)
thanks in advance
awaiting the reply
1. A client of mine have purchased land and constructed apartment and sold 9 flats in 2014-15 FY,
where as he dint maintain any separate account for cost of construction of the apartments
so please suggest me how to arrive at the cost of construction i.e cost of improvement (LTCG)
thanks in advance
awaiting the reply
24 June 2015
Builder buying land constructing flat and selling it amount to business income not capital gain.
25 June 2015
Thanks for giving the reply...
My client is resident individual who receives pension income and he is not the builder.He was gifted land from his wife. On which he constructed apartments and sold 9 flats.
My client is resident individual who receives pension income and he is not the builder.He was gifted land from his wife. On which he constructed apartments and sold 9 flats.
25 June 2015
Constructing and selling flats is in the nature of business.
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