Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2013 cost of land-100000/-
indexed cost- 175000/-
sale price-11,00,000/-
other income-nil
status-resident , senior citizen.
Assessment year 2013-14.
Investment u/s. 54 EC REC bonds Rs.500000/-
please let me know the amount of tax to be paid .

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 July 2013
HINTS FOR TAX CALCULATION :

TAXABLE CAPITAL GAIN = 1100000-175000-500000
= 425000
.
TAX @ 20% ON (425000-200000)=45000+EC+HEC
.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 Thanks a lot Mr.Paras Bafna for your quick reply , however kindly confirm since the assessee is a Sr. citizen , will be exemption be 2,50,000/- or Rs.2,00,000/- as mentioned in your reply.
Regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 July 2013 Yes -you are right, thanks for correction. Please take 250000/- in place of Rs 200000/-.
.

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