I want to know how LTCG taxation needs to be calculated in the following scenario:
I suppose buy a land for 30 lakhs 5 years back, I construct a house in it (the amount spend is being kept private)and now sells it for 50 lakhs(the amount being a consolidate amount for both land and house together)....how is LTCG taxation applicable to me?
I have a basic idea of indexation of prices and stuff-not much. But thats not the point of the question. The point of the question is as far as LTCG implications of the house is concerned, there is no base price to begin with. I constructed the house. Lets say, i didn't keep records. How can LTCG tax be calculated for my house?
CAclubindia
