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)
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
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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