Capital Gain
This query is : Resolved
Ishant agarwal
(Querist)
03 June 2009
If i sold a property at Rs. 702949 in 2009 and this amount i invest Rs. 700000 in RCE Bond in 2009 what Will Capital gain in 2009 ?
and What section Apply ?
and What section Apply ?
chetan soni
(Expert)
03 June 2009
Following will be the conputation for capital gains
sales consideration Rs. 702949
less : indexed cost of acquisition
(say cost of acquisition is Rs. 5L for f.y. 2000-01)
so index cost will be 5L/406*582 = 716749, restricted to sales consideration i.e 702949.00
So capital gains chargeable Rs. Nil
Then there is no need to invest in capital gains bonds.
Just put actual cost of acquisition in the formula, you will the capital gains.
sales consideration Rs. 702949
less : indexed cost of acquisition
(say cost of acquisition is Rs. 5L for f.y. 2000-01)
so index cost will be 5L/406*582 = 716749, restricted to sales consideration i.e 702949.00
So capital gains chargeable Rs. Nil
Then there is no need to invest in capital gains bonds.
Just put actual cost of acquisition in the formula, you will the capital gains.
Ishant agarwal
(Querist)
03 June 2009
Sorry in This case Capital Gain Is rs. 702949 After Indexation
Ishant agarwal
(Querist)
03 June 2009
Mr. Chetan are u there
chetan soni
(Expert)
03 June 2009
In that case total 7L will treated as exemption u/s 54EC & the amount of capital gain will Rs. 2949.00
Just make sure you deposit the total amount with 6 months from the date of transfer of capital assets.
Just make sure you deposit the total amount with 6 months from the date of transfer of capital assets.
03 June 2009
I second Mr Soni
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