I have purchased an industrial land in rajasthan for Rs 10 lakh from Rajasthan Development Authority. As per terms of payment, i have opted to pay in EMI and i have paid Rs 2 Lakh as interest. The total amount paid is Rs 12 lakh.
Now i have sold the plot at Rs 13 lakh.
Question is: 1. What is the capital gain? 2. What will the treatment of interest paid to rajasthan authority?
CAclubindia
