Capital gains on sale of flat

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Sushil Narkar (Querist)

13 January 2013 i purchased flat on July 2006 for Rs. 20,28,300/-. I am selling my flat in Feb 2013 for Rs, 86 lacs.
1. Wht is the capital gains on this transaction?

2. How much amount I need to invest in new residential flat to avoid the tax?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

13 January 2013 Capital Gain = 8600000-(2028300x 852/519)
=5270305.
.
To save tax 5270305 or more can be invested in a new house.
.

Sushil Narkar

Sushil Narkar (Querist)

13 January 2013 Thanks a lot Mr. Paras.

anurag

anurag (Expert)

13 January 2013 SECTION 48, EXPLANATION (v) OF THE INCOME-TAX ACT, 1961 - CAPITAL GAINS - COMPUTATION OF - NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2012-13

NOTIFICATION NO. 38/2012 [F. NO. 142/2/2012-SO(TPL)]/SO 2187(E), DATED 17-9-2012

In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 709 (E), dated the 20th August, 1998, namely:-

In the said notification, in the Table, after serial number 31 and the entries relating thereto, the following serial number and entries shall be inserted, namely :-
Sl. No.
Financial Year
Cost Inflation Index
(1)
(2)
(3)
"32
2012-13
852"

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