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Capital gain

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(Querist)
16 December 2011 Hello Sir,

I had purchased a open plot in 1998-99 for Rs.80,000/- which I did not shown in balance sheet. Now i want to sell this plot and i want to show capital gain in my I.T.Return. Is there any problem pl. guide me.

Thanks
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CA Abhishek Rana

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CA Abhishek Rana (Expert)
17 December 2011 Dear Devendra,

u can show the sale of plot and recognize capital gains in this year's income tax return.

Indexation benefit shall be available as it is a long term capital asset.

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