Long term capita gain
This query is : Resolved
27 August 2013
dear sir,here is my query. pl help me to clear it.
porperty purchased on 15.4.1999 with Rs.303000,Improvement made on 10.4.2000 with Rs.50000,2nd Improvement made on 15.4.2009 with Rs.242000.
property sold on 12.10.2010
pl calculate me the capital gain.
my query is that,whether there should be long term gain or short term gain ?.
ito says it is short term gain...
pl.it's urgent...
porperty purchased on 15.4.1999 with Rs.303000,Improvement made on 10.4.2000 with Rs.50000,2nd Improvement made on 15.4.2009 with Rs.242000.
property sold on 12.10.2010
pl calculate me the capital gain.
my query is that,whether there should be long term gain or short term gain ?.
ito says it is short term gain...
pl.it's urgent...
27 August 2013
there would be long term capital gain as property held for more than 3 years....tell me sale value of the property...only then capital gain can be computed....
27 August 2013
thank u sir & sorry 4 not giving u sufficient details.property sold by Rs.1000000 on 12.10.2010.actual my confusion for 2nd improvement in property in f.y.2009-2010
27 August 2013
Full Value of Consideration..........1000000
(-)Indexed cost of purchase
303000x711/389........................553812
(-)Indexed cost of Improvement
50000x711/406......................... 87562
(-)Indexed cost of Improvement
242000x711/632........................272250
Long term capital gain................86376
(-)Indexed cost of purchase
303000x711/389........................553812
(-)Indexed cost of Improvement
50000x711/406......................... 87562
(-)Indexed cost of Improvement
242000x711/632........................272250
Long term capital gain................86376
27 August 2013
thanks a lot sir
I am very obliged to u
I am very obliged to u
27 August 2013
Parul is female name....
27 August 2013
ok thanks & sorry madam ....
ITO SAYS,NO I CAN'T GIVE INDEXATION BENEFIT AGAINST 2ND IMPROVEMENT MADE IN F.Y.2009-10 DUE TO PERIOD BETWEEN IMPROVEMENT & SALES OF PROPERTY IS LESS THAN 36 MONTHS
WHAT SHOULD I DO ABOUT THIS DISPUTE ?
ITO SAYS,NO I CAN'T GIVE INDEXATION BENEFIT AGAINST 2ND IMPROVEMENT MADE IN F.Y.2009-10 DUE TO PERIOD BETWEEN IMPROVEMENT & SALES OF PROPERTY IS LESS THAN 36 MONTHS
WHAT SHOULD I DO ABOUT THIS DISPUTE ?
28 August 2013
dear all friends,here is my query. pl help me to clear it.
porperty purchased on 15.4.1999 with Rs.303000,Improvement made on 10.4.2000 with Rs.50000,2nd Improvement made on 15.4.2009 with Rs.242000.
property sold on 12.10.2010 by 10000000
one & more experts says it's long term gain but,
ITO SAYS, I CAN'T GIVE INDEXATION BENEFIT AGAINST 2ND IMPROVEMENT MADE IN F.Y.2009-10 DUE TO PERIOD BETWEEN IMPROVEMENT & SALES OF PROPERTY IS LESS THAN 36 MONTHS
WHAT SHOULD I DO ABOUT THIS DISPUTE ?
porperty purchased on 15.4.1999 with Rs.303000,Improvement made on 10.4.2000 with Rs.50000,2nd Improvement made on 15.4.2009 with Rs.242000.
property sold on 12.10.2010 by 10000000
one & more experts says it's long term gain but,
ITO SAYS, I CAN'T GIVE INDEXATION BENEFIT AGAINST 2ND IMPROVEMENT MADE IN F.Y.2009-10 DUE TO PERIOD BETWEEN IMPROVEMENT & SALES OF PROPERTY IS LESS THAN 36 MONTHS
WHAT SHOULD I DO ABOUT THIS DISPUTE ?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
