The assessee has purchased the land in 1978-79. It is reflected as Capital Assets. In the year 2013-14, he started the construction activity on the same by converting the land into stock in trade. 1st instance of sale is happened in 2015-16 for 4 units. The scheme is of 60 units.
Now, the question is, full LTCG is chargeable in F.Y. 2015-16 or LTCG relating to proportion of areal of land sold is chargeable ??
CAclubindia
