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Relating to sale of land

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Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2014 Two person buy a land and divide it among themselves later one person wanting to sale the land sells to other.

Now the other person wants to sell the whole land how will the cost of acqusition will be calculated and how to treat the transaction

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 June 2014 what is the cost , year of acquistion and year of sale etc give all details.

Rupesh Jain

Rupesh Jain (Expert)
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25 June 2014 purchase value is cost of acquisition and year in which you buy.

it long term capital gain (LTCG)when you sell after the 3 year of purchase date
otherwise it consider as short term capital gain and add in you other income.
in case of LTCG
sale price - purchases cost x sell ing year index/but year index= LTCG

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