Capital gain on house property sold
This query is : Resolved
28 October 2012
Dear Experts one of my client sold house to
Rs.1.20 crores on 13-12-2011. which has bought on 8-9-2001 for Rs.886000. Mean while he gave gift to his mother of Rs.20.00 lakhs and Rs.4.00 lakhs he paid loan outstanding of the said property. Rmaining amount of Rs.96.00 lakhs he deposited into capital gain account. And he purchased one house and paid to that of Rs.50.00lakhs as of now. Please guide me with detailed procedure for calculation of capital gain tax.
regards
ksreddy.
Rs.1.20 crores on 13-12-2011. which has bought on 8-9-2001 for Rs.886000. Mean while he gave gift to his mother of Rs.20.00 lakhs and Rs.4.00 lakhs he paid loan outstanding of the said property. Rmaining amount of Rs.96.00 lakhs he deposited into capital gain account. And he purchased one house and paid to that of Rs.50.00lakhs as of now. Please guide me with detailed procedure for calculation of capital gain tax.
regards
ksreddy.
Amol S Joglekar
(Expert)
28 October 2012
426 : index for financial year 2001-02
852 : index for financial year 2011-12
indexed cost of acquisition :
886000 / 426 * 852 = 17,72,000
Capital Gain = 1,20,00,000 - 17,72,000
= 1,02,28,000
Deposited 96 lakh in capital gain account.
Balance 6,28,000. Pay tax on this at flat rate... subject to basic exemption limit, if available. ( Assuming 46 lakh yet to be paid for the said house???)
852 : index for financial year 2011-12
indexed cost of acquisition :
886000 / 426 * 852 = 17,72,000
Capital Gain = 1,20,00,000 - 17,72,000
= 1,02,28,000
Deposited 96 lakh in capital gain account.
Balance 6,28,000. Pay tax on this at flat rate... subject to basic exemption limit, if available. ( Assuming 46 lakh yet to be paid for the said house???)
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