Capital Gain on Land

This query is : Resolved

mohan rao (Querist)
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20 December 2008 Dear Sir,
One of my client having 7 acres land from 2001 and gave for Development in 2008on 35 : 65 basis

The Developer Constructing 900000 Sft. and the Land Lord Share is 315000sft.

The Construction will be Sold in 2012 and the Estimated Consideration is 20 Crores

Pls. Advice me What is the LTCG ? AND When the LTCG will be Taxble ?

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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24 December 2008 It will be taxable in 2012 when the assets will be sold and indexed cost of acquiring land will be the cost odf acquisityion.

Regards,

Sandeep Aggarwal