Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 Assessee: Individual
Purchase cost (Immovable Property): Rs.40000
Date Of Purchase 12/19/1985
Amt Of Revaluation Property: Rs 1676000
Sale of property: 12/21/2013
Date of Sale: 12/21/2013
rent also received by builder at time redevelopment to the assessee.
how to campute the capital gain?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 June 2014 what you mean by revaluation of property? do you mean renovation?

if yes, you need to index the cost of acquisition and renovation from the year in which respective cost was incurred and then reduce the same from consideration received from the builder to arrive at capital gains.

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