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
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.
CAclubindia
