Capital Gains from Immovable property

This query is : Resolved

Sanjay Kalra (Querist)
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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

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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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

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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30 March 2011 The capital gain shall be as worked as above..

however, invest judiciously

Sanjay Kalra

Sanjay Kalra (Querist)
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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

CA. Lohith Jagadeesh (Expert)
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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

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