Capital gain

This query is : Resolved

Karthikeyan (Querist)
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26 March 2014 i have bought a land in metro city on 01.04.2013 for rs 5 lacs and construction cost incurred Rs 15 lac and sold on 26.03.2014 for Rs 30,00,000.

Guidance value is Rs 28,00,000

please advise taxability

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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26 March 2014 You earn short term capital gain of Rs.10,00,000 on such sale.

This short term capital gain shall add to your other income and then compute tax liability as per the normal slab rates prescribed for A.Y 2014-15.

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