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Income tax
the land was purchased in 13-04-2011 and made construction of house property in f.y.2013-14 and sold on 14-01-2015. what is the capital gain treatment
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capital gains on sale of land wud be long term capital gains as it was held for more than 36 months. capital gains on sale of building wud be short term capital gains and end be taxable @ slab rates. no exemption can be claimed from sale of building. on land exemption can be claimed either under 54f or 54ec.
land and building are considered as separate assets for the purpose of computing capital gains
land and building are considered as separate assets for the purpose of computing capital gains
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