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LONG TERM & SHORT TERM CAPITAL GAIN

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(Querist)
17 February 2010 THERE IS A CLIENT WHO WAS PURCHASED A PLOT IN 1985 FOR RS. 5000/- AND HE STARTED CONSTRUCTION BEFORE THREE YEARS BUT STILL NOT COMPLETED. HE SOLD THIS PROPERTY FOR RS. 1600000/-. HOW CAN I TREAT THIS AS A LONG TERM OR SHORT TERM CAPITAL GAIN.
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shrikant

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shrikant (Expert)
17 February 2010 If the agreements of sale specify the sale value into land and construction work, the separately other wise long term capital gain.
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