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Long term capital gains on immovable property
Land purchase fy 1963 -64 and construction completed before 1stApil 2001 . At the present time before sale of Immovable Property construction demolished and sale only land . Computation of Long term capital gains only basis of land cost as on 1st April 2001 or both land or construction cost of 1st April 2001 . Please advise on this point.
Replies (3)
If you have registered agreement of only land, ITO will be reluctant to allow you indexed cost of demolished property. Reason being stamp duty would have been paid only over land !!!
Why construction cost of immovable property not considered for long term capital gains. Some legal advice it is allowing purpose of computation of long term capital gains
I HAVE MY VIEWPOINT BASED ON MY PRACTICAL EXPERIENCE. I DO NOT KNOW ABOUT OTHER'S VIEW, UNLESS REASON SPECIFIED.
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