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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
