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Tax on capital gain

This query is : Resolved 
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(Querist)
13 June 2014 Dear Sir,
If a builder purchased a land and held it as stock in trade more than 3 years and sold it. Please explain the tax implication on this.

Please help

Thank You
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
13 June 2014 In the year in which Asset is transfer to the business, Capital Gain would be taxable. Indexation would be applied
Cost of Acquisition X index cost of year in which asset is transfer to business / index cost of year of Acquisition.

In the year of sale of asset, it would be leviable as Profit & gains in Business and Profession.
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