Calculation of capital gain
This query is : Resolved
03 October 2017
Mr. A had a residential house gifted from uncle in the previous year 2010-11, The Fair market value of which as on 1.4.81 was Rs. 2,70,000. The property purchased by the uncle in 1973 for Rs. 70000, In the year 2015-16 further construction and improvements costed Rs. 25,00,000.00, On 04.07.2017 the house was sold for Rs. 48,00,000.00. Calculate Taxable Income For F.Y. 2015-16 and F.Y. 2016-17
03 October 2017
Find out fair market value as on 01-04-2001 as the base year has changed to 2001-2002
03 October 2017
Indexed cost of improvement = (272/254)*25=26.77 lacs
calculate of cost of acquisition with fair market value as on 01-04-2001
calculate of cost of acquisition with fair market value as on 01-04-2001
12 October 2017
but construction was completed in F.Y.2015-16 and sold that property in F.Y.16-17 .
Is it short Term Capital Gain ?
Is it short Term Capital Gain ?
12 October 2017
Construction completed in FY 2015-16 means old property was replaced by newly constructed one? If yes, then you need to calculate short term capital gains for the building and long term capital gains for the land
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