Short term capital gain

This query is : Resolved

Amit Nandy (Querist)
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27 March 2017 If an assessee procure a land of Rs-748611, Reg Cost 44960/-in FY 13-14, Cost of Improvement FY-14-15 Rs-848952/- and FY-15-16 Rs-201540/-. sale consideration Rs-2140000/- in the FY 16-17.

Please the amount of capital gain has to pay be the assessee.

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Amit Nandy

CA Shubhanshu Jain

CA Shubhanshu Jain (Expert)
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27 March 2017 If difference between date of purchase and date of sale is more than 36 months capital gains (long Term) is computed as under

Sale Consideration : 2,140,000

Less :
Indexed cost of purchase : 950,764
Indexed cost of improvement :932,687
Indexed cost of improvement :210,160

Capital Gains : Rs 46,389

If difference between date of purchase and date of sale is less than 36 months capital gains (Short Tern) is computed as under :-

Sale consideration : 2,140,000
Less:
Cost of Acquisition: 793,571
Cost of improvement : 1,050,492
Capital Gains : Rs. 295937 (Taxable at slab rate)