Capital gain on sale of house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2011
A land purchased in May'2002 costing to Rs.80000/-. A residential property constructed on such land in Nov'2010 (app. 8.00 lacs) and the residential property sold in May'2011 for Rs. 14.5 lacs. Let me know the tax treatment of the capital gain during 2011-12.
CA Ashwani Agarwal
(Expert)
02 August 2011
Consideration = 1450000
Indexed Cost of Acq.
80000* 785/447= 140492
Indexed Cost of Imp
800000* 785/711= 883263
Capial Gain =426245
(Long Term)
Indexed Cost of Acq.
80000* 785/447= 140492
Indexed Cost of Imp
800000* 785/711= 883263
Capial Gain =426245
(Long Term)
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