Query on Capital Gains taxation
This query is : Resolved
03 July 2024
Dear Sir,
My query is as below
My friend had purchased a Land in 2013 for Rs.600000 & house constructed in the same year. House & land sold in 2023 for Rs.33.50 Lakhs.
My query is whether capital gain is to be calculated separately for land & building & whether cost of construction of building is to be treated as cost of improvement.
Kindly advise.
With Regards
Ravi
My query is as below
My friend had purchased a Land in 2013 for Rs.600000 & house constructed in the same year. House & land sold in 2023 for Rs.33.50 Lakhs.
My query is whether capital gain is to be calculated separately for land & building & whether cost of construction of building is to be treated as cost of improvement.
Kindly advise.
With Regards
Ravi
03 July 2024
Capital gain to be calculated in aggregate. Yes construction cost can be added in aggregate cost of building as you have transferred building.
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03 July 2024
Sales Consideration will be taken Rs.33.50 Lakh (aggregate value of land & building). and cost of construction of the house will be the cost of improvement.
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04 July 2024
Dear sir, Thank you for your advise.
Ravi
Ravi
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04 July 2024
You are welcome.
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