CA
40 Points
Posted on 23 March 2012
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.?
CAclubindia
