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Capital gains calculation
1. land was purchased in April 2012 for 4,15,000/-
2. house was constructed during FY 2012-13 to FY 15-16.
construction cost - 12-13 -19,00,896
13-14 - 3,74,215
14-15 - 5,89,127
15-16 - 13,28,336
construction cost is shown in IT returns.
3. Finally it was sold in Mar 2016 for 50lacs
I want to know how capital gains is calculated. whether long term/short term or partly long term and partly short term.
Thank u
Replies (2)
can any one tell me whether indexation for cost of improvement has to be calculated for each of the 3 years in question on the above ?
For the land it would be Long-Term Capital gain as it has been Held for more than 3 Years.
For the House the Date of Completion would taken for determining the period of Holding. Since the Date is in FY 2015-16 it will be a short term Capital Gain.
The Sale Proceeds are to be splitted between Land and House Property and respective captial Gains needs to be calculated.
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