A land was purchsed for Rs 10 lakhs in FY 2005-06 and the construction on it was commened in FY 2015-16 which was completed in FY 2016-17. The cost of construction on it was Rs 20 Lakhs. Further during the FY 2016-17, the assessee sold the building (along with land) for Rs 50 Lakhs. What shall be its tax treatment, whether there will be STCG or LTCG. Further, how shall the LTCG/STCG be determined?
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Ltcg on sale of land & building
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LTCG.
Cost of purchase can be indexed, but no indexation for cost of Improvement.
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