CAPITAL GAIN
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2010
Dear Experts,
A Flat was purchased in Feb 1996 for Rs 421000/= was sold in June 2010 for Rs 18,00,000/=.
What will be my tax liability in indexing and also without indexing.
Thanks & Regards
Dear Experts,
A Flat was purchased in Feb 1996 for Rs 421000/= was sold in June 2010 for Rs 18,00,000/=.
What will be my tax liability in indexing and also without indexing.
Thanks & Regards
Aditya Maheshwari
(Expert)
09 June 2010
index for 1995-96 - 281
index for 2010 - 11 - (not yet notified) taken as 670 (L. Y. 632)
Sale value 1800000
Index cost of acquisition 1003808
(421000 * 670/281)
Long Term Capital Gain 796192
No option of indexataion and no indexation as the same is for listed shares only.
Hence tax on above @ 20.6% = 164016
Exemption possible if investment made u/s 54 & 54EC
index for 2010 - 11 - (not yet notified) taken as 670 (L. Y. 632)
Sale value 1800000
Index cost of acquisition 1003808
(421000 * 670/281)
Long Term Capital Gain 796192
No option of indexataion and no indexation as the same is for listed shares only.
Hence tax on above @ 20.6% = 164016
Exemption possible if investment made u/s 54 & 54EC
Message likes :
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Deepak Goel
(Expert)
09 June 2010
Agree with Aditya
Message likes :
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