03 November 2012
A LAND SOLD FOR RS.10.00 LAKHS. THE DIFFERENCE IN PURCHASE AND SALE RATE WILL BE LONG TERM CAPITAL GAIN. WHAT IS THE NO OF YEARS FOR LONG TERM CAPITAL GAIN IN LAND. HOW MUCH IS THE INCOME TAX TO BE PAID. IF LAND PURCHASE IN SAME FINANCIAL YEAR WILL THE PROFIT BE CAPITAL GAIN OR NOT.
03 November 2012
Dear Amit for determining long term or short term gain period of holding of an asset is for more than 36 months is long term & wise a versa.
As you not provided cost of land it is not possible to calculate income tax payable by you.
CAclubindia
