I have purchased land 5yrs before for 5,00,000/- recently ie 8 months from now I constructed a house cost of construction is 18,00,000/- now I found a buyer who is ready to purchase for 40lacs.. do I taxable under Long term or Short Term???
Kindly explain me..
Thank you..
Cost of Purchase = Cost of Land
Cost of Improvement = Building Construction Cost
For Land you can calculate indexation cost
Taxation will be as long term
CAclubindia
