Capital Gain LTCG or STCG
This query is : Resolved
09 July 2011
My Client has purchased a Vacant Land on 25/04/2007 for Rs 5.00 lakshs. He sold the said vacant land on 02/03/2011 for Rs 6.50 lakhs. The Profit on Sale is Long Term Capital Gain or Short Term Capital Gain for the Assessment Year 2011-12. Can he compute indexed cost of acquisition in case of LTCG.
09 July 2011
capital gain is long term and assessee can take the benefit of index cost.
09 July 2011
If the land referred to is a 'capital asset' as defined in section 2(14) of the Income tax Act,1961, then gain is LTCG and can also avail indexation benefit.
17 July 2011
Gain is LTCG since the land is long term capital asset & he can compute indexed cost of acquisition
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
