LONG TERM & SHORT TERM CAPITAL GAIN
This query is : Resolved
17 February 2010
THERE IS A CLIENT WHO WAS PURCHASED A PLOT IN 1985 FOR RS. 5000/- AND HE STARTED CONSTRUCTION BEFORE THREE YEARS BUT STILL NOT COMPLETED. HE SOLD THIS PROPERTY FOR RS. 1600000/-. HOW CAN I TREAT THIS AS A LONG TERM OR SHORT TERM CAPITAL GAIN.
17 February 2010
If the agreements of sale specify the sale value into land and construction work, the separately other wise long term capital gain.
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