Calculate capital gains if I had bought land at cost of 40 Lacs for 40000 sqft In FY 2015-16 and THEN SOLD part of that land of 4000sqft in FY2016-17 for consideration of Rs.9 Lacs,? Stamp duty is also Rs.9 lacs.
Also tell me what should be the purchase cost?
Your purchase cost remains same as Rs. 100/- Per Sq. ft.
The part of land sold will be liable to Short term capital gains if sold at higher rate than Rs. 100/- per sq.ft.
CAclubindia
