Will I get answer for a question on long term capital gain tax for sale of land in this forum?
Menu
LTCG tax for transfer of lease hold land
Replies (3)
Yes, Where is the question?
A piece of land measuring about 4 Kottah was purchased in FY 2003-04 from Siliguri-Jalpaiguri development authority under Govt of West Bengal at a price of Rs. X only.
It is a lease hold land. Development authority is the owner.
No construction was made and the land is lying vacant ever since.
Now, a business man of that area is showing interest to buy the land. It will be transfer of lease with permission of the development authority who will charge a fee of Rs.1 Lakh per Kottah for permission.
The prospective buyer has offered Rs. Y>>X
What will be LTCG after taking into account indexation?
Let me know the formula to be applied.
The calculation will be in similar fashion, as in any other long-term assets sold.
Here the asset sold will be 'Rights in a Property.'
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
