Lon term cpaital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 For reducing sales consideration from block of assets sale consideration should be taken as including statutory dues or excluding statutory dues? Like if sale value of asset is Rs.22.5 lakhs including vat amount of Rs.2.25 lakhs then which amount should be deducted from the block of asset is it Rs.20 lakhs or Rs.22.5 lakhs.

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 Sir, thanks for advice and suggestion.

Sir I want to know about cost inflation index to be considered for the period of Shares Rs.80,000/- purchased by owner e.g in F.Y. 2005-2006 i.e 497 AND SHARES GIFTED IN F.Y. 2007-2008 i.e 551 TO RELATIVE and Gifted shares sold in F.Y. 2010-2011 for 95,000/-,IN THIS CASE IT IS CLEARED THAT Long term Capital Gain to be calculateBY GIFT RECEIVER but i want cost of inflation index of f.y.2005-06 to be taken or cost of inflation ndex of f.y.2007-08 for cost of acquisition?.497 or 551, calculation i.e 80,000x457/711 or
80,000x 551/711, please clarify as per shares received by means of section 49(1).

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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29 May 2012 cost inflation index for fy 2005-06 will be considered. Refer shangloo trust case Delhi High Court

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Vishnu Bargoti

Vishnu Bargoti (Expert)
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29 May 2012 Rs. 20 lacks should be deducted from block of assets because VAT is payable to Government.

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