Capital gain
This query is : Resolved
Kedar Shukla
(Querist)
12 December 2018
My father had purchased an urban agriculture land in 1975 for Rs. 6500/-. The same is transferred to me in financial year 2005-06. I have sold 50% of that land in financial year 2010-11 for Rs. 7500000/-. What will be the capital gain.
CA ANUBHAV
(Expert)
12 December 2018
take value of land as on 01.04.1981 for 50% share and apply indexation on such value then subtract the indexed cost from sale price balance will be capital gain if positive else no gain..
Nikhil Kaushik
(Expert)
12 December 2018
dear Anubhav, please note that CFI has been updated and now value as on 1 April 2001 is applicable.
CA ANUBHAV
(Expert)
12 December 2018
Brother its for current FY and in this case querist has asked for FY 2010-11... I think his case has been selected for 148..
Nikhil Kaushik
(Expert)
12 December 2018
oh sorry man. Yeah. Seems so.
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