Capital gain tax

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Pushpa Nambi (Querist)
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30 December 2019 sir, i purchased aplot in may1988 for rupees21900/- now in august2019 i sold it for62 lakhs. what willbe the capital gain tax. how to calculate. if i purchase REC BONDS FOR50 lakhs, then what about the balace.how to calculate capital gain tax for that amount. please guide me

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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29 May 2020 Sales Price = Rs. 62,00,000/-
Index Cost of Acquisition Rs. 21900x289 / 100 = Rs. 63,291
Long-Term Capital Gains = Rs. 61,36,709
Less Eligible Bongs Purchased = Rs. 50,00,000
Net LTCG = Rs. 11,36,709
Income Tax @ 20% on Long Term Capital Gain = Rs. 2 27 341/-

https://www.incometaxindia.gov.in/Tutorials/15-%20LTCG.pdf

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