capital gains tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 August 2010
A lady aged 50,having no other income,disposed off a piece of land in a city in Aug.2010 for Rs.315000.This was acquired by her in Nov.1988 for Rs.9330.
What is the capital gains tax payable?
Will investment in PPF/ELSS/INFRA BONDS MAKE ANY DIFFERENCE.
What is the capital gains tax payable?
Will investment in PPF/ELSS/INFRA BONDS MAKE ANY DIFFERENCE.
28 August 2010
Cost 9300/-
Indexed cost 9300X 711/161 = 41070/
Capital gains 315000/- minus 41070/- = 273930/-
Basic exemption 190000/-
Taxable capital gains 83930/-
Income tax @20% 16786/-
The investments referred will not qualify for exemption. However, if the capital gain (273930/-) is invested in capital gains bonds of REC bonds or NHAI bonds exemption will be available subject to the conditions mentioned in section 54EC of the Income tax Act,1961.
Indexed cost 9300X 711/161 = 41070/
Capital gains 315000/- minus 41070/- = 273930/-
Basic exemption 190000/-
Taxable capital gains 83930/-
Income tax @20% 16786/-
The investments referred will not qualify for exemption. However, if the capital gain (273930/-) is invested in capital gains bonds of REC bonds or NHAI bonds exemption will be available subject to the conditions mentioned in section 54EC of the Income tax Act,1961.
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