Long term capital gain
This query is : Resolved
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 ?
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.
.
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