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..
Here u have purchased before 5 year it will come under LTCG..
and the amount is below 50lakh so no TDs applicable..
so here it will be taxble under sec 54 and indexation will apply ..and it will be taxble at 10%...
not in normal slab...
CAclubindia
