Capital gains

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  1. Sai Karthik

    Sai Karthik New Member

    Hiiiiiiiii all,

    I am a member of Mysore bank cooperative society from 1969-2011.When i was member i was allotted a site in 1970 with possession certificate.But i have registered the same in 1988 for a consideration of 4500/-.In 2012 i have constructed apartments on the same.And in 2013 i have sold my flat for a consideration of 30Lacks.

    And for that construction purpose i incurred 20 Lacs.

    As land was aquired before three years it is long term,and building constructed in 2012 it is short term.Am i right?

    If it was right,how to separate land and building values?

    Please clarify?
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