Capital Gain ....................please help me

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Guest

Guest (Querist)

16 January 2010 Q. R purchased a plot for Rs 3,00,000 in 1987-88 and it was sold on 10-6-2009 for Rs 17,00,000. He paid Rs 40,000 as brokerage charges . He invested Rs 4,00,000 in Bonds of NHAI (notified u/s 54EC) on 28-8-2009.

Compute the taxable amount of capital gain.

ANSWER :- Rs 96,000.

please solve it ............

C.A.Javid Patel

C.A.Javid Patel (Expert)
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16 January 2010 Sale Consideration 1660000

Less : Index Cost 1264000

Capital Gain 396000

Less : Exemption 396000

Tax Liability NIL

Therefore there is no tax liability

Thanks , Mobile 9867420129

Ratan Sharma

Ratan Sharma (Expert)
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16 January 2010 Sale Consideration 1660000
Less: Indexed cost
300000X632/150 = 1264000

LTCG 396000/-

LTCG Tax 79200/-

Deduction u/s. 54EC is not available as the investment is made before the date of transfer of land.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 January 2010 Sales Value Rs. 1700000
Less:Brokerage Rs. 40000
Less: Index cost 300000/150x582Rs. 1164000
Less: Bonds NHAI Rs. 400000
_______
Long term capital Gain Rs. 96000
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Guest

Guest (Querist)

18 January 2010 SIR, CMA.Ramesh Krishnan
PLEASE TELL ME WHY YOU ARE TAKING INDEX
OF THE COST OF YEAR 2008-2009 .

please tell me the reason as far as possible.

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