Capital gain

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Bhalchandra K Sawant (Querist)
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02 February 2013 I had purchase one residential property in Dec 2009 of Rs 20 Lakhs & sale the same property in Jan 2013 of Rs 80 Lakhs. I already purchase one other residential property in Aug 2012 of Rs 50 Lakhs. My question is can I claim set off against my capital gain ? What is my tax liability ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 February 2013 You may include the Stamp Duty and Registration charges paid in connection with the properties purchased as the same are also deductible.
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Taking the data given by you as it is
Your Tax liability can be computed as-
Sales Consideration .......80,00,000
Less: Indexed Cost of Acquisition
2000000x852/632=26,96,203
Long term Capital Gains = 5303798
Less: Exemption U/s 54 = 5000000
Net TAxable LTCG= 303798
Tax @ 20% =60760+3% of 60760
=62582
( Add Cess 2+1=3% of Tax amount)

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