Long term capital gain
This query is : Resolved
mangesh dhumal
(Querist)
09 November 2011
My director has purchased commercial property in April,2002 for Rs.36,47,400/- in Andheri west, Mumbai. Now he is planning to sell the same in F.Y.2011-12 for Rs.2.10 crore approx or more. Is cost as per indexation comes to rs.67,21,148/- ? Assuming the expected sell price is the long term capital gain arrive at rs.1,42,78,852/- ? If so then can he invest the gain in capital gain saving bond to avoid tax on it ? Is there an upper limit for investment towards capital gain tax saving bond ?
CA PARAS BAFNA
(Expert)
10 November 2011
Indexed Cost of Acquisition
= 3647400*785/447=6405389
.
Max investment in capital gain Bonds U/s 54EC can be made , is Rs 50.00 lac in FY 2011-12.
.
In case the property is sold as on today, then , within the 6 months of tfr of the property, in a new FY 2012-13, you may get
the benefit of Rs 50.00lac more.
.
= 3647400*785/447=6405389
.
Max investment in capital gain Bonds U/s 54EC can be made , is Rs 50.00 lac in FY 2011-12.
.
In case the property is sold as on today, then , within the 6 months of tfr of the property, in a new FY 2012-13, you may get
the benefit of Rs 50.00lac more.
.
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
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
