Capital gain

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GJ Consultancy (Querist)
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26 March 2018 One of my client sells his residential plot in two parts. A plot was purchased by him on 30/03/2010 (90 square meter & assume cost of purchase is of 2,50,000) and it was sold out to two person, say Mr. X on 19/03/2017 (30 square meter & assume sales consideration 2,50,000) and Mr. Y on also 19/03/2017 (60 square meter & assume sales consideration 4,00,000).
So can any one explain how to compute capital gain on this ??

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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26 March 2018 Calculate capital gains as if the asset is two units. Compute Indexed cost of acquisition proportionately and proceed

GJ Consultancy

GJ Consultancy (Querist)
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27 March 2018 Is following Computation is within IT Act ??
30 Sq. Meter 60 Sq. Meter
Sales Consideration 250000 400000
Less (A) Indexed Cost of Acquisition (83333) (166667)
Less (B) Stamp paper (4000) (8000)
Less (C ) Registration & Copy Charges (857) (1713)
Less (D) Registration & Copy Charges
on sales (4910) (4930)
LTCG 156900 218690

(A) 250000/90*30 250000/90*60
83333.33 166666.66

(B) 12000/90*30 12000/90*60
4000 8000

(C ) paid on acquisition 2570/90*30 2570/90*60
856.66 1713.33

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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18 July 2024 To calculate the capital gain on a residential plot sale, follow the Income Tax Act provisions and ensure accurate calculations. Calculate the indexed cost of acquisition for 30 square meters and subtract deductions for 60 square meters. The capital gain for 30 square meters is Rs. 1,56,900, while for 60 square meters it is Rs. 2,18,690. Verify these calculations with a tax professional to ensure compliance and explore any additional deductions or exemptions.

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