How will be tax calculated for plot of Land without construction at the moment ?

POSTED BY Sourav ON March 11, 2014 11:27 am COMMENTS (4)

Dear all.

I have purchased a 2500 sq ft plot near a Class -II city.  It is lying vacant with no constructions. Please tell how the tax on this land will be calculated ? In case, I build a house, then how the tax implications will change ?

4 replies on this article “How will be tax calculated for plot of Land without construction at the moment ?”

  1. Sourav says:
    March 13, 2014 at 1:12 pm

    Dear Ashalanshu.

    Thanks a lot for the prompt reply.

    Reply
  2. ashalanshu says:
    March 13, 2014 at 12:03 pm

    Dear Sourav, if you sell now, the gains if any ‘ll be short term capital gains ‘ll be added to your income from all sources and ‘ll be taxed at your slab rate. To be eligible for LTCG, you need to hold this land till Nov 2016 i.e. 3Y at least to get the benefit of indexation on your LTCG

    Thanks

    Ashal

    Reply
  3. ashalanshu says:
    March 13, 2014 at 11:35 am

    Dear Sourav, since how long you are holding this plot?

    Thanks

    Ashal

    Reply
    1. Sourav says:
      March 13, 2014 at 11:57 am

      Dear Ashalanshu.

      I have purchased the plot in November 2013.

      Thanks.

      Reply

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