Capital Gain
This query is : Resolved
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 ?
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.
03 June 2009
Sorry in This case Capital Gain Is rs. 702949 After Indexation
03 June 2009
Mr. Chetan are u there
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Bank Accounts in Balance Sheet for ITR 3
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Income of an individual
- Delisted shares sold in off market/ Rebate u/s87A
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
