Cost of acquisation for capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 November 2014 MY query is : A house property "A"was purchased on 15/10/2010 for rs 50 lakhs and on 11/11/2013 it was exchanged with another house 'B' by paying extra Rs 10 lakhs. Now this new property was sold with in on 28/03/2014 on a price of Rs 75 lakhs. My query is wheather on the date of exchang of property 'A' will be treated as transfer and a long term capital loss created because of indexation considering the purchase price as sale price. And House 'B' treated as Short term capital asset since it is sold with in three years. What would be the cost of acquation, Indexed cost as on 11/11/2013 + rs 10 lacs or orginal cost before indexation + Rs 10 lacs.

Amol S Joglekar

Amol S Joglekar (Expert)
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10 November 2014 01. Cost of house B is 60
02. Property A long term capital gain/loss

Rupesh Jain

Rupesh Jain (Expert)
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10 November 2014 if you take exemption of old house capital gain and sell the news house with in 12 month from exchange date then both capital gain will taxable . for old assets as long term capital gain and for new under short term capital gain.

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