Long term capital gain

jitendra (Querist) 25 February 2011 This query is : Resolved
I have sold my godown on Oct 2010 for Rs 500000 and it was purchase in the year 2003 for Rs 224870 shall I pay tax if to pay what is the solution for to save taxes

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soumitra basu (Expert) 15 April 2011
It is not clear whether it is a business assets and whether you have claimed depreciation on that. If so, this will be treated as short term capital gain. Otherwise this will be treated as long term capital gain and you will get the benefit of indexation of cost, investment in residential house property and investment in capital gains bond.

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