Respected Seniors,
I have purchased a plot of land on 10th July 2018 in joint name with my wife for Rs 12lacs , developed it and constructed shed on it for which we made an expenses of 14lacs. Now iam having a ready buyer for 35lacs who is ready to complete the deal within 15th July. My queries are:
I will be entitled for long term capital gain or not.
We both have contributed equally for all cost so what will be individual liability of tax.
Can I purchase 54ec bond to save my capital gain tax.
Awaiting an early solution to my query and thanks in advance.
Yours faithfully,
Yogesh Sheth
CAclubindia
