I purchased a residential flat in december 2012 for Rs. 677000 in cash & Rs. 55000 paid for stamp duty + Rs. 25000 paid for brokerage & I have sold this flat today for Rs. 910000. Please let me know the tax treatment on capital gain. thnx
Anil Kumar (Proprietor) (107 Points)
10 March 2014I purchased a residential flat in december 2012 for Rs. 677000 in cash & Rs. 55000 paid for stamp duty + Rs. 25000 paid for brokerage & I have sold this flat today for Rs. 910000. Please let me know the tax treatment on capital gain. thnx
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 10 March 2014
Dear Sir
Your Capital Gain is as following: (Period of holding from December 2012 to till date is Short term)
So,
Sale value 910000
less: indexed cost of acqusition : 834299 ( i.e 677000+50000+25000=757000*939/852)
So capital Gain = 75701 (910000-834299)
(tax will be calculated as per slab rates)
regards.
Anil Kumar
(Proprietor)
(107 Points)
Replied 10 March 2014
Anil Kumar
(Proprietor)
(107 Points)
Replied 10 March 2014
thank you manoj ji, also let me know the entry treatment in tally. regds
CAclubindia
