Question regarding Capital Gain – Will it be termed short term capital gain or long term?
I have recently inherited (my Grandfather built) 2 floors of a lease hold property. Though the property is more than 25 years old, I have inherited (tranfered in my name) it only 6 months ago. I now plan to sell 1 floor of this house and with the available amount, within the next few months; I propose to buy a flat for self occupation.
I am likely to still have some amount in my hand after purchasing this new house.
My questions are:
Will it attract Short term or Long term capital gain?
Will the capital gain be applicable on transaction (1 floor) amount or will be on complete value irrespective of have only sold part i.e. 1 floor and retained 1?
How can I save on Capital Gain tax while keeping the transaction in cheque?
Thanxs in Anticipation