Financial accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2012
if a land is purchased for Rs50,80,000/- on 22.05.2005 and sold for Rs 70,00,000/- on 01.01.2011, how to caclulate tax on the same and indexation workings.
28 March 2012
Sale Consideration 70,00,000
Less: Indexed Cost of Acquisition
50,80,000*CII of FY 10-11/CII of FY 05-06
Balance amount shall be LTCG.
CII = Cost Inflation Index
Less: Indexed Cost of Acquisition
50,80,000*CII of FY 10-11/CII of FY 05-06
Balance amount shall be LTCG.
CII = Cost Inflation Index
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