Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2018 I BOUGHT FLAT IN 1975 RS 111000/- NOW I M SELLING IT IN 9 CR..& I M BUYING NEW FLAT WORTH RS 6.50CR..NOW WETHER I HAVE TO PAY CAPITAL GAIN AS I THINK TODAY INDEX VALUE IS 3CR(WHICH IS 111000 IN 1975)

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 November 2018 Firstly, you have to compute the value of the flat as on 01/04/2001.

Capital gain will be calculated as under:
Sale consideration 9 Crore
Less: indexed cost of acquisition Value as on 01/04/2001*280/100
Capital Gain
Less: Amount invested in new house 6.5 Crore
Taxable capital gain

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