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Self constructed house sold

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(Querist)
25 November 2015 Dear expERT, In 2014 I have constructed a house on my own land later in 2015 I sold it for 30 laks .will it be taxable?
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Trinadharao Adigarla

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Trinadharao Adigarla (Expert)
25 November 2015 yes taxable as per Income tax
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 November 2015 Yes it is a short term capital gain taxable. Cost of the house including the indexed cost of land has to be reduced from 30 lacs to work out the gain.
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