Income tax

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SATYASWARUP SAHU (Querist)
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29 March 2016 Sir, " A" PURCHASE a LAND AREA 1.84 ACRE ON DATED 11/02/2012 of Rs 6.00 Lacs that is not agricultural land,sold 12 dec.of said land on dated15/06/2015 of Rs 14.00 lacs.Shall "A" paid Capital Gain in AY 2015-16,Kindly Reply with calculation

Ankur Singhal

Ankur Singhal (Expert)
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30 March 2016 DEAR
LTCG WILL BE
SALES PRICE Rs. 1400000/-
COST OF ACQUISITION (INDEXED) 6*1081/785 Rs. 826242/-
HENCE LTCG IS RS. 573750/- TAX @20% IS TO BE PAID.

SATYASWARUP SAHU

SATYASWARUP SAHU (Querist)
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05 April 2016 sir "A" sold only 12 Dec. of land on dtd 15/06/2015,so we should be calculated only 12 Dec of land sale not whole of land.How shall we calculate?

Ankur Singhal

Ankur Singhal (Expert)
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05 April 2016 Dear what is 12 dec of land
Seems any error in writing otherwise explain it properly

SATYASWARUP SAHU

SATYASWARUP SAHU (Querist)
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05 April 2016 12 DEC.LAND IS RS 14,00,000 OUT OF 1.84 ACRE SOLD ON DTD. 15/06/2015.BALANCE LAND I.E 1.74 LAND IN HIS HAND.CALCULATION THE COST OF ACQ.(INDEXED) ONLY 12 DEC PURCHASE RATE TO BE CONSIDER OR TOTAL 1.84 DEC OF LAND CLARIFY. AS PER MY Cal 600000/184=3261 PER DEC,12 dec of land sold i.e 12*3261=39132 IS THE 12 DEC PURCHASE RATE, LTCC IS 39132*1081/785=53887,SALE PRICE IS 1400000-53887=1346112,hENCE LTCC IS 20% OF 1346112. IS IT CORRECT OR NOT

Ankur Singhal

Ankur Singhal (Expert)
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05 April 2016 Dear
Your concept is correct .
But how could you justify 1.84 Minus 12 dec. = 1.74 Acre.

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