Capital Gain

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ashok (Querist)
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04 June 2009 I had purchased a property in August 1998 at a price of 2.8 lacs.
The same is sold in January 2009 at a price of 10.0 lacs.
What is the capital gain applicable & what amount of tax is required to be paid.

Vipul J. Bhavsar

Vipul J. Bhavsar (Expert)
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04 June 2009 As the property is held for more than 36 months, the gain is Long term capital gain.

Sale consideration - 10,00,000
Less: Indexed COA - 4,64,273
(2,80,000*582/351)
-------------
5,35,727

Tax rate is concessional i.e. 20% of the long term capital gain + surcharge if any+ education cess.

ashok

ashok (Querist)
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06 June 2009 Thanks for quick response Mr. Vipul.
Regards.
Ashok

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