I am a member of Mysore bank cooperative society from 1969-2011.When i was member i was allotted a site in 1970 with possession certificate.But i have registered the same in 1988 for a consideration of 4500/-.In 2012 i have constructed apartments on the same.And in 2013 i have sold my flat for a consideration of 30Lacks.
And for that construction purpose i incurred 20 Lacs.
As land was aquired before three years it is long term,and building constructed in 2012 it is short term.Am i right?
If it was right,how to separate land and building values?
03 July 2014
For the land value, you can take the market value of the adjacent lands and deduct the same from the total consideration to arrive at the building value. However, the building value cannot be less than the prevalent market value in the nearby vicinity.
CAclubindia
