I purchased a land of rs, 900000 on 16.02.2016. After that i started to construct a residential house on that land from 12/12/2016 and my cost was rs 160000. I sold entire property for rs 300000 on 26.03.18
Now while calculating capital gain, land has completed 24 months and 10 days while house is less than 24 months.
Should i consider entire gain as long term gain and constuction should be cost of improvement?
or should i consider long term and short term but in this case i dont have seperate sale considertaion for both as i made one agreemnt fo rs 3000000.
please advice what be correct way.
thanks
CAclubindia
