LONG CAPITAL GAIN
This query is : Resolved
ajay sharma
(Querist)
26 February 2011
A HOUSE PURCHASED IN THE YEAR OF 1980 NOW THE SOLD 2011 SO LONG TERM CAPITAL LIABILITY ARISE OR NOT IF ARISE SO WHAT IS THE CRITERIA OF CALCULATION LT TAX.
Aditya Maheshwari
(Expert)
26 February 2011
Yes tax payable.
Gains will be taxable @ 20% = Sales consideration - Indexed Cost of Acquisition
Indexed cost = Cost * 711 (CII of 2010 - 11)/ 100
Gains will be taxable @ 20% = Sales consideration - Indexed Cost of Acquisition
Indexed cost = Cost * 711 (CII of 2010 - 11)/ 100
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