Capital Gain, Income Tax

[Ethirajan Parthasarathy]

A” is owner of property. Land is 5 years old and building thereon is only 1 year old. The said property is being sold resulting in capital gain which will be long term for land & short term for building. What is the correct method to split the sale consideration to arrive at short term and long term gain.

Sale consideration is more than prevailing guideline value of both land and superstructure put together