Capital gain tax

This query is : Resolved

Hasmukh Mohanlal Chatwani (Querist)
Follow

16 May 2019 Dear Sir,

One of my client has purchase a land on 15/06/2013 and constructed a residential property on that land on 30/09/2017 and the same was sold out on 08/05/2018.

Now, the question is that under which capital gain head it taxed, Short Term or Long Term? In the document there is no any specification regarding the Land Cost and Construction Cost.

In my opinion, in the above case, both the capital gain attracted and Land Value Taxed by Long Term and Construction Value taxed by Short Term. And the Sale value considered by local Stamp Authority.

Am I right? please guide

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

16 May 2019 Yes.

CIT Vs. Dr. D.L Ramachandra Rao (1999) 236 ITR 51 (Mad) may be referred to.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Phani

Shantaveeresh Manur

SIVALINGAM

mahendra zaveri

vinal

Subscribe Now

Capital gain tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

CA Final

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

GST CONSULTANT