Capital Gain

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umesh (Querist)
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23 March 2009 hi

An Industrial Plot is allotted to me under reallocation scheme in 2004-05 and Possession is received in 2007-08. And the same is sold by me in 2008-09. What is the tax treatment the detail of plot are given below.

Plot Allotted in Fin. Year 2004-05. Amt. Paid RS. 420000/- full payment

Possession Received in Fin. Year 2007-08 Possession Exp. Rs. 35000/-

Plot sold in Fin. Year 2008-09 Amt. Rs. 650000/-

Please e-mail you reply at gautamumesh_1986@yahoo.co.in.

Thanks & Regards

Umesh Kumar

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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23 March 2009 It is the case of Long term capital gain.

Sales - 650000
Indexed cost of acquisition - 420000* 582/480=509250
Long term capital gain 140750