Hi Folks!!
I had purchased a plot of land in Yr 2002 and constructed independent house on that.Construction has been done in 2005.I am planning to sell this house and going to purchase a New flat. Please advice me whether I have to consider land value and House construction value {buy and sell value}separately for capital gain tax purpose?
Please help me on this query!!!
Thanks & Regards
Garvit Dave
Sir, you have to take combined sell value.For the purpose of calculating LTCG calculate indexed cost of land and house construction seperatly & reduce it (both indexed cost & other cost if any) from total value of transfer.
Hi Vikash,
Thanks a lot for sharing your views and guiding on the same. i was in line with you.
CAclubindia
