Krishanu Chowdhury (153 Points)
26 April 2017I HAD PURCHASED A LAND FOR RS 30 LACK IN 2011. I SOLD THAT LAND IN 2016 FOR RS 55 LAC
IS THIS A LTCG OR STAG?
IF ĹTCG HOW TO SHOW IT IN AY:2017-18?
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 26 April 2017
if it is an agricultural land no capital gains if not it is a long term capital gain
Computation of capital gain
Sale of land 55 lacs
less expenses on transfer nil
less indexed cost of acquistion =30 lacs*1125/785=4299363
capital gains =1200637
long term capital gains @ 20% on 1200637=240127
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 26 April 2017
LTCG is exempt u/s 10(38) if the assets are shares or equity oriented mutual funds on which STT is paid
Studentsca
(CA Practice )
(3577 Points)
Replied 26 April 2017
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 26 April 2017
yes you can ivest the capital gain either in capital gain account scheme before filing the return or 54 EC Bonds within 6 months but you need to buy another asset to get the capital gains tax as exempt before the lock in period expires
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