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Discussion > Income Tax > Tax queries >

Cost inflation index for FY 2012-2013

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RETIRED COMPUTER PROFESSIONAL


[ Scorecard : 352]
Posted On 12 April 2012 at 10:08 Report Abuse

I am planning to sell a flat  towards end of this month. The flat  was bought in 1982. As I understand, I have to pay tax on  Long Term Capital Gain on Indexed value of the flat. I was searching for Cost Inflation Index (CII) for FY 2012-13 but can not find it on net. Kindly suggest will the CII for FY 2011-12 be applicable for this sale (i.e. in April 2012) or CII for FY 2012-13? If CII for FY 2012-2013 will be applicable then where can I find it?


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kavitha
studying final


[ Scorecard : 830]
Posted On 12 April 2012 at 10:36

its not released yet i think for the FY 2012-13. i think you have to compute init in FY 2012-13 then u have time ryt. wait till may or aug 12 for CII. as par as i know!!





Mihir Doshi
B.Com, CA, CS, LLB


[ Scorecard : 2056]
Posted On 12 April 2012 at 10:39

Dear Rakesh,

CII is not yet published for 2012-2013. Regarding Capital gain, you need not worry as you need to file your return by the end of July 2013, so you have enough time for calculation.

CII will be published by Mid May 2012.

According to economic scenario, it would be around 814 to 835.

Thanks

Mihir Doshi




RAKESH JAIN
RETIRED COMPUTER PROFESSIONAL


[ Scorecard : 352]
Posted On 12 April 2012 at 11:53

Dear Mihir & Kavitha,

Thanks for your replies. I have following queries too about Capital Gain Tax:

1. If I do not plan to reinvest the capital gain in buying another property, I can buy Capital Gain Bonds from REC or NHAI. But in a Financial year I can not buy these bonds for more than 50L. If capital gain is more than 50L, is there any way I can save tax on remaing money of Capital Gain i.e. Capital Gain over 50L? In case of Bonds, the I guess TAX exemtion will not be given on full 50L invested in bonds but in proportion of 50L/Actual Capital Gain.

2. Till I invest in Bonds, can I keep the money in normal SB/FD accounts of Bank. I am aware that in case one plans to buy another property then he/she has to keep this money in special account possibly called Capital Gain Account but money in this account can be used for buying property within 2 year or constructing another house within 3 years but I am not sure that if I plan to buy Bonds then also I must keep money in this account?

Kindly suggest. Thanking you. Best regards, RAKESH

 

 




RAKESH JAIN
RETIRED COMPUTER PROFESSIONAL


[ Scorecard : 352]
Posted On 04 July 2012 at 21:28

I was trying to calculate LTCG on sale of house in April 2012.  The house was purchased through  installments & a passbook was issued by Co-perative Housing Society with entries of installments paid. First entry is dated 3-3-80 as Share Money. Subsequently entries are Land Deposit (24-8-82) & later on other installments roughly every 6 months. Last entry is dated 16/6/88 & final total is shown on the same date.

Kindly suggest, which date is to be considered as purchase date for LTCG calculations? I guess it should be 16/6/88 on which last installment was paid (though it will be beneficial if 3-3-80 i.e. first entry in passbook can be considered for this purpose) though the draw for flat allotment was done on 31/3/88 & possession letter is dated 23-6-89/16-8-89  (actual 2 dates are mentioned on letter -- possibly original possession letter was issued on 23-6-89 but actual possession was taken on 16-8-89.

Thanking you. Best regards, RAKESH

 




Pankaj
Student


[ Scorecard : 46]
Posted On 04 July 2012 at 23:46

can anybody tell me about the cost sheet format of construction company??

 




RAKESH JAIN
RETIRED COMPUTER PROFESSIONAL


[ Scorecard : 352]
Posted On 02 August 2012 at 09:38

I am looking for CII for FY 2012-213. It was expexcted by mid May as pointed out by Mr. Mihir above, but I can not find it. Has it been declared? If yes, where can I find it? Best regards, RAKESH




Santosh Madanlalji Malu
Chartered Accountant Company Secretary


[ Scorecard : 120]
Posted On 17 September 2012 at 20:00

CBDT has notified CII for the Financial Year 2012-13(ie Assessment Year 2013-14) to be 852




Sarat Kumar Sahoo
Chartered Accountant


[ Scorecard : 387]
Posted On 01 October 2012 at 12:56



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