Capital gain tax
This query is : Resolved
Rajiv Kumar
(Querist)
12 December 2014
A person purchase a land in the year 1981 in 1,00000 and expent 11,00000 in construction of house on that land and sold it in the year 2014 at the amount of 25,00000 what is the capital gain and tax payable. explain in breif with formula.
Amol S Joglekar
(Expert)
12 December 2014
The working has to be done as per the capital gain index.
For 2014-15, the said index is 1024.
It means, one lakh worth of land in 1981-82 is now worth 10,24,000 in 2014-15
Same way, the worth of 11 lakh is required to be found out.(Since you have not given the dates/s of investment for 11 lakh, request you to calculate the same)
Revert for any query
For 2014-15, the said index is 1024.
It means, one lakh worth of land in 1981-82 is now worth 10,24,000 in 2014-15
Same way, the worth of 11 lakh is required to be found out.(Since you have not given the dates/s of investment for 11 lakh, request you to calculate the same)
Revert for any query
Rupesh Jain
(Expert)
15 December 2014
you can take the indexation cost of the land and construction and then calculate the LTCG/STCG .
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