03 July 2013
On 11/07/2005 my assessee and his wife and his father purchased a vacant site of 25 cents out of 2Acres.34 cents in rural area for Amount of Rs.4,05,100/- thereon my assessee showed his 1/3rd share is at Rs.1,35,033/- for 8.3.cents of vacant site in his personal filing and his wife shows his 1/3rd share is at Rs.1,35,033/- for 8.3.cents of vacant site in his personal return of income and balance 1/3rd share kept in his fathers name since he is not the income tax assessee. Now in this 2013 year my assessee along with two members sold 25 cents of land, my question is how to calculate the capital gain.
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