Capital gain long term
This query is : Resolved
Dr.Ramesh R.Patel
(Querist)
02 March 2014
I had Purchased a commercial plot on 28-1-08 for 279500 ,
Sold it on 21-5-13 for Rs.1610443,
Purchased residential house on 21-6-13
for Rs.12,11,700
all these are actual cost with cost of stampdyty n Reg. no Indexation
can some one help me calculate how much is capital gain and when, where it sould be paid. I am a Doctor and our Knowledge of taxation is Zero.
Thanks, Dr.Ramesh Patel
Sold it on 21-5-13 for Rs.1610443,
Purchased residential house on 21-6-13
for Rs.12,11,700
all these are actual cost with cost of stampdyty n Reg. no Indexation
can some one help me calculate how much is capital gain and when, where it sould be paid. I am a Doctor and our Knowledge of taxation is Zero.
Thanks, Dr.Ramesh Patel
Ankur Singhal
(Expert)
03 March 2014
NO CAPITAL GAIN will be taxable in your hands.
PURCHASE IN fINANCIAL YEAR 2007-2008 Rs. 279500/-
CII of 07-08 is 551
CII of 13-14 is 939
Calculation of CG
Sale Price minus Indexed cost of acquisition.
1610443-(2795000*939/551)
CApital GAin RS.1134126/-
But as you has invested the amount of capital gain in Purchase of house property hence you will get exemption of amount invested.Hence no capital gain is taxable.
PURCHASE IN fINANCIAL YEAR 2007-2008 Rs. 279500/-
CII of 07-08 is 551
CII of 13-14 is 939
Calculation of CG
Sale Price minus Indexed cost of acquisition.
1610443-(2795000*939/551)
CApital GAin RS.1134126/-
But as you has invested the amount of capital gain in Purchase of house property hence you will get exemption of amount invested.Hence no capital gain is taxable.
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