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Urgent -
My quarry is regarding the Capital Gain. Facts of the case -
1. Received the inherited property in 2009-10 by “will”. Original property acquire in 1960
2. Demolishes the property and construct the Building during 2010-11 ( construction cost – 50 Lakhs)
3. Sale the 2 flat in 2011-12 – at 3 Cr.
Whether it is treated as Short term or long term capital gain ? How the capital gain is calculated? How the cost of land is consider while calculating the CG.?
Replies (2)
Yes !!! sir short term CG is levied as there is no 3 yrs i.e. w/o giving effect of index and consider the building value alongwith land.
bt land where building is situated is inherited property. cost of building is 50 L. hw to cal land vlue and whether it is LTGC, STCG
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