Capital gain liability
This query is : Resolved
18 June 2019
AN ASSET IS PURCHASED ON AUGUST, 2017 FOR 11 LACS AND SOLD IN THE YEAR JAN, 2019 FOR 12 LACS
IN THIS CASE WHETHER INDEXATION IS ALLOWED OR IS THERE ANY CAPITAL GAIN LIABILITY
IN THIS CASE WHETHER INDEXATION IS ALLOWED OR IS THERE ANY CAPITAL GAIN LIABILITY
MUTHULAKSHMI
(Expert)
19 June 2019
No Indexation allowed for property sold before 3 years and it attracts Short Term Capital Gain as per your tax slab
Short term capital gain = Full value consideration Less expenses incurred exclusively for such transfer Less cost of acquisition Less cost of improvement.
Short term capital gain = Full value consideration Less expenses incurred exclusively for such transfer Less cost of acquisition Less cost of improvement.
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