Long term capita gain
This query is : Resolved
pankaj p mistry
(Querist)
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...
CA Parul Saxena
(Expert)
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....
pankaj p mistry
(Querist)
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
CA Parul Saxena
(Expert)
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
pankaj p mistry
(Querist)
27 August 2013
thanks a lot sir
I am very obliged to u
I am very obliged to u
CA Parul Saxena
(Expert)
27 August 2013
Parul is female name....
pankaj p mistry
(Querist)
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 ?
pankaj p mistry
(Querist)
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 ?
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