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Calculation for the purpose of ltcg

14 February 2017

Sir, I have purchased a residential vacant plot property during 2006-07 and sold it during 2016-17. Purchasing price Rs.90,000. Market value of the property at the time of purchase [mentioned in the document] is Rs.1,67,800. Selling price is Rs.7,56,000. Market value at the time of selling is Rs.14,97,000. What is the LTCG and how to calculate? Please answer my query. Thanks in advance.

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3 Replies

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 14 February 2017

as per your question your ans. will be -

Sale Consideration(Consideraton assessable by stamp value authority assuming that lower than FMV,so FMV will be ur sale consd. ) - 1497000

your cost consideration - 195086

90000/519*1125

ur answer is = 1497000-195086 = 1301914 on which LTCG @ 20% =260382

thnks

s. krishnamurthy (retired) (23 Points)
Replied 15 February 2017

I actually got only Rs. 7,56,000. The actual capital gain is only 756000-195086= 560914. Why you are taking market price. Some places in tamil nadu are very much less than guide line value. I did not seen any logic in your calculation. Please clarify. Thanks.