I, purchased a piece of Low land in the year 2014 in rs. 1.5 lac ( included all expenses ) and after filling the low I sold it in rs. 10 lac. Therefore, a short term capital gain is arisen.( 10-1.5)= rs. 8.5 lack To filling the low I have already incurred rs. 5.5 lac to develop the low land. My questions are :
(1) how much cost of improvement is allowed as per income tax law ? (2) Which value should consider as a value of consideration whether it will be market value or as per deed value ? Plz reply me ?