Capital gains urgent

This query is : Resolved

CHHELU GOVALIYA (Querist)
Follow

04 October 2013 dear experts
i have purchase plot rs. 500000 dt. 3-5-2012
and build complex 4 flat construction exp rs. 1500000
up to 31-3-13 only one flat sale rs. 725000
and agriment price (as janti )rs. 190000

my query is
what my capital gain ??

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

04 October 2013 You have to proportionate the expenditure incurred in 4 flats..
It will be a short term capital gain...

Sale consideration XXX
less:
Cost of the flat sold XXX

Short Term Capital Gain XXX

CHHELU GOVALIYA

CHHELU GOVALIYA (Querist)
Follow

04 October 2013 PLS ADVICE DETAILS

Upgrade to CAclubindia Pro. Subscribe Now!

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

04 October 2013 Total exp. + Cost of the land /4

=500000+1500000/4

=500000

Sale Consideration 725000
less: Cost 500000

Short Term Capital Gain: 225000

No Exemption in respect of Short term Gain will be allowed...

CHHELU GOVALIYA

CHHELU GOVALIYA (Querist)
Follow

04 October 2013 but sale flate agreement is rs. 190000 only
pls guide