Capital Gain
This query is : Resolved
23 March 2009
hi
An Industrial Plot is allotted to me under reallocation scheme in 2004-05 and Possession is received in 2007-08. And the same is sold by me in 2008-09. What is the tax treatment the detail of plot are given below.
Plot Allotted in Fin. Year 2004-05. Amt. Paid RS. 420000/- full payment
Possession Received in Fin. Year 2007-08 Possession Exp. Rs. 35000/-
Plot sold in Fin. Year 2008-09 Amt. Rs. 650000/-
Please e-mail you reply at gautamumesh_1986@yahoo.co.in.
Thanks & Regards
Umesh Kumar
An Industrial Plot is allotted to me under reallocation scheme in 2004-05 and Possession is received in 2007-08. And the same is sold by me in 2008-09. What is the tax treatment the detail of plot are given below.
Plot Allotted in Fin. Year 2004-05. Amt. Paid RS. 420000/- full payment
Possession Received in Fin. Year 2007-08 Possession Exp. Rs. 35000/-
Plot sold in Fin. Year 2008-09 Amt. Rs. 650000/-
Please e-mail you reply at gautamumesh_1986@yahoo.co.in.
Thanks & Regards
Umesh Kumar
CA Tilak Raj Sharma
(Expert)
23 March 2009
It is the case of Long term capital gain.
Sales - 650000
Indexed cost of acquisition - 420000* 582/480=509250
Long term capital gain 140750
Sales - 650000
Indexed cost of acquisition - 420000* 582/480=509250
Long term capital gain 140750
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