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236 Points
Joined September 2014
A piece of land measuring about 4 Kottah was purchased in FY 2003-04 from Siliguri-Jalpaiguri development authority under Govt of West Bengal at a price of Rs. X only.
It is a lease hold land. Development authority is the owner.
No construction was made and the land is lying vacant ever since.
Now, a business man of that area is showing interest to buy the land. It will be transfer of lease with permission of the development authority who will charge a fee of Rs.1 Lakh per Kottah for permission.
The prospective buyer has offered Rs. Y>>X
What will be LTCG after taking into account indexation?
Let me know the formula to be applied.