23 March 2011
Good Afternoon to all..I hv a querry.. can anybody tell me the solution pls...........
My Querry is - An Assessee has purchased a land in the year of 2005 for Rs. 178000 and then construct a house on it in the year of 2008 for Rs. 450000. and after that he sold it for Rs. 936000 in the year of 2010. How will we treat the capital gain for the same.... Pls reply its urgent......
23 March 2011
Land and building may be viewed as separate assets for the purpose of determining LTCG /STCG ,in this transaction, depending on the period of holding of the respective assets. Madras high court in the Case of Dr. Ramachandra Rao took this view.
23 March 2011
If the consideration is composite nature then and assume that Building is a short term capital asset how will be the Capital gain calculation?
CAclubindia
