capital gains

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kiran (Querist)
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17 August 2010 In ipce exam of nov.2010 index numbers for calculating indexation is not given.plz suggest me..i m gvng the problem below:

A house was purchased on 1.05.97 for rs.450000 and was used as a residence by the owner. The owner had contracted to sell this property in june 07 for rs.10lakhs and had received an advance of rs.70000 towards sale. The intending purchaser did not proceed with the transaction and the advance was forfeited by the owner. The property was sold in april 2008 for rs.1500000. The owner out of sale proceeds, invested rs.400000 in a new residential house in january,09. compute the net taxable capital gains of smt.megha

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 August 2010 Cost inflation index for financial year 2008-09 is 582.

kiran

kiran (Querist)
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18 August 2010 sir,but for the year 1997-98 cost inflation index is not given then we have to assume or what?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 August 2010 Cost inflation index for fin. year 1997-98 is 331.

kiran

kiran (Querist)
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18 August 2010 but its not given...

kiran

kiran (Querist)
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18 August 2010 but it is not given...

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 August 2010 In exams it is usually given. You just have to remember last 2 years cost of inflation. No need to remember all.

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