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Sales of land capital gain 2024

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omnath (Querist)
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13 June 2024 SIR
MR A SALES OF VACANT LAND RS 15,00,000 AS ON 15.06.20023. HE PURCHASE THIS LAND AS 0M 10.05.1987 COST OF RS 13,000. AFTER HE SPENT THIS RS 4,50,000/- FOR IMPROVEMENT AND DEVELOPMENT EXP FOR VARIOUS YEAR ( 1990 RS 60000/- AND 2001 RS. 75000/- 2005 RS. 125000 AND 2010 RS 90000/- And 2020 RS. 100000/-)HE FILING THE INCOME TAX ASSST-YEAR 2024-25 HE CLAIM THIS AMOUNT ON CAPITAL CAIN WORKING
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Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
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11 July 2024 Mr. A sold vacant land for Rs. 15,00,000 in June 2023, after spending Rs. 4,50,000 on improvement and development expenses. To calculate capital gains for income tax purposes, he needs to calculate the Indexed Cost of Acquisition, Long-Term Capital Gain, and Taxation of Capital Gains. He should report the capital gains in his income tax return for the 2024-25 assessment year.

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