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Treatment of capital gain on sale of land & building
I have purchased land in the year of 1997 and construct the building on the same in the year of 2006 and i sale the building in year 2019. whether capital gain is calculated individually on the land and building or shall I consider one of same and calculate capital gain only on building.
Replies (3)
Quick Summary
You have to club together cost of land and cost of construction and apply indexation accordingly from effective date.
Land cost here will be FMV as on 1-4-2001
Land cost here will be FMV as on 1-4-2001
Thank you mam
For cost of acquisition of land take FMV as on 01/04/2001 and apply INDEXATION. for construction of building take it as cost of improvement and apply INDEXATION
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