HOW TO COMPUTE CAPITAL GAIN ????????
A PROPERY IS SOLD ON 03-02-2010 FOR A CONSIDERATION OF RS.50,00,000/- HELD JOINTLY BY HUSBAND & WIFE NAME WHICH IS PURCHASED IN NEW CONTRUCTION.
A FLAT WAS BOOKED IN THE FY 1992-93 & ADVANCE MONEY RS.1,00,000/- IS GIVEN AT THAT TIME. HOWEVER DUE TO SOME JUDICIAL DESCREPENCIES BUILDING REMAINED UNCONSTRUCTED FOR FEW YEARS.
THEN FLATS WERE ALLOTTED IN MAY 2007 AT THAT TIME BALANCE CONSIDERATION OF RS.12,20,000/- PAID.
IN SUCH A CASE, GAIN AARISING ON SUCH SALE HOW WILL BE TAXED AS LTCG OR STCG ????????
PLEASE HELP ME AS I HAVE TO FILE MY INCOME TAX RETURN.
THANKING YOU IN ANTICIPATION.
CAclubindia
