Capital gains
This query is : Resolved
PRAMOD KUMAR
(Querist)
21 October 2015
Dear Experts,
Facts of the case are:
sale value of Land 1 Crore Long term Asset
Indexed Value 10 Lakhs
Invested in Bonds 50 Lakhs
Invested in House 33 Lakhs
Assessee does not own any house.
What will be taxable capital gains - Long Term.
Facts of the case are:
sale value of Land 1 Crore Long term Asset
Indexed Value 10 Lakhs
Invested in Bonds 50 Lakhs
Invested in House 33 Lakhs
Assessee does not own any house.
What will be taxable capital gains - Long Term.
Amol S Joglekar
(Expert)
21 October 2015
12 lakh is the remainder of capital gain.
PRAMOD KUMAR
(Querist)
21 October 2015
Thanks for your reply.
Can you please give a detailed working as to how figure of 12 lakhs has been arrived?
Can you please give a detailed working as to how figure of 12 lakhs has been arrived?
Amol S Joglekar
(Expert)
22 October 2015
A. If the land is sold along with its dwelling unit
Full value of consideration = 1,00,00,000
Less: Indexed cost of acquisition = 10,00,000
Long Term Capital Gain = 90,00,000 (90%)
Less: House property investment 33,00,000
Less: Bond investment 90% of 50,00,000 i.e.45,00,000
Net taxable long term capital gain = 12,00,000
B. If the land is sold as only land (without any dwelling unit in it)
Full value of consideration = 1,00,00,000
Less: Indexed cost of acquisition = 10,00,000
Long Term Capital Gain = 90,00,000 (90%)
Less: House property investment 90% of 33,00,000 i.e. 29,70,000
Less: Bond investment 90% of 50,00,000 i.e.45,00,000
Net taxable long term capital gain = 15,30,000
Full value of consideration = 1,00,00,000
Less: Indexed cost of acquisition = 10,00,000
Long Term Capital Gain = 90,00,000 (90%)
Less: House property investment 33,00,000
Less: Bond investment 90% of 50,00,000 i.e.45,00,000
Net taxable long term capital gain = 12,00,000
B. If the land is sold as only land (without any dwelling unit in it)
Full value of consideration = 1,00,00,000
Less: Indexed cost of acquisition = 10,00,000
Long Term Capital Gain = 90,00,000 (90%)
Less: House property investment 90% of 33,00,000 i.e. 29,70,000
Less: Bond investment 90% of 50,00,000 i.e.45,00,000
Net taxable long term capital gain = 15,30,000
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