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Capital gain

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pawan (Querist)
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28 April 2012 PURCHASE OF HOUSE:- TRANSFER THORUGH WILL COST 1.49 LACS IN APRIL 1984

I HAVE SOLD THE SAME HOUSE IN AUGUST 2011 FOR 60 LACS AND PURCHASED A FLAT IN NOV. 2011 FOR 25 LACS AT DELHI. AND THE AMOUNT OF RS. 30 LACS WAS DEPOSITED IN CAPITAL GAIN A/C. NOW IN THE MONTH OF JANUARY 2013 I HAVE PURCHASED ANOTHER FLAT AT MUMBAI FOR RS. 30LACS BY WITHDRAWING FROM CAPITAL GAIN A/C. I WANT TO KNOW WHETHER I AM ELIGIBLE FOR EXEMPTION U/S 54 BEING THE SECOND FALT PURCHASED IN THE CURRENT FINANCIAL YEAR.

IS THERE ANY CASE LAW FOR TAKING INDEX OF 1984-85 AS THE PROPERTY IS TRANSFER THROUGH WILL IN 2008-09.

mahak katyal

mahak katyal (Expert)
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29 April 2012 Hi pawan,
Your LTCG would be:

Sale consideraton : 60,00,000
Less: Ind cost of aq.
(1,49,000*785/125) : 935,720
LTCG : 50,64,280
less: Asset purchsed u/s 54 :28,00,000
balance taxable :22,64,280

This amount of 22,64,280 should be deposited in capital gain A/c by 31.07.2012 if yu are not liable to tax audit for F.Y 11-12 otherwise by 30.09.2012.
(The year that isused for indexing cost is : Numerator-FY 11-12
Denominator :FY 84-85)

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