Capital Gains from Immovable property
This query is : Resolved
Sanjay Kalra
(Querist)
30 March 2011
I purchased a flat for a total consideration of7 Lacs during the year 1993 and now wish to sell during APRIL 2011 for a total consideration of50 Lacs. I would like to take a call on my capital gains please.
Thanks in advance to all the answerers.
Regards,
Sanjay Kalra
Thanks in advance to all the answerers.
Regards,
Sanjay Kalra
CA. Lohith Jagadeesh
(Expert)
30 March 2011
Hi,
Your LTCG will be as follows
Particulars Amount
Sale Consideration 50Lacs
Less Expenses on Transfer -
Net Sale Consideration 50Lacs
Less : Indexed Cost of Acquisition
7 lacs * 711/223 = 22.32
________
Taxable LTCG 27.68
________
Note : You can claim Exemptions under Section 54 / 54 F and 54 EC to reduce your tax liability.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Your LTCG will be as follows
Particulars Amount
Sale Consideration 50Lacs
Less Expenses on Transfer -
Net Sale Consideration 50Lacs
Less : Indexed Cost of Acquisition
7 lacs * 711/223 = 22.32
________
Taxable LTCG 27.68
________
Note : You can claim Exemptions under Section 54 / 54 F and 54 EC to reduce your tax liability.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
CA.ViVeK M ACA
(Expert)
30 March 2011
The capital gain shall be as worked as above..
however, invest judiciously
however, invest judiciously
Sanjay Kalra
(Querist)
31 March 2011
Thanks Ms. Jagadeesh and Mr. Vivek for your reply.....Also let me tell you that I am planning to sell in April 2011......I would ask more in this context...........thanks again.
CA. Lohith Jagadeesh
(Expert)
03 April 2011
Hi,
Any time Mr. Sanjay.
We are at your Service.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Any time Mr. Sanjay.
We are at your Service.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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