Long term capital gain
This query is : Resolved
sourav kumar
(Querist)
16 February 2012
Hello friends i need your help
actually my mother purchase residential plot @ rs. 60,000 (2000-2001) Now we are selling this land @ rs. 7,00,000. and after 2 year we will use this amount for my Marriage. i want to ask that wheather this is taxable as long term capital gain. if yes then show me the calculation
actually my mother purchase residential plot @ rs. 60,000 (2000-2001) Now we are selling this land @ rs. 7,00,000. and after 2 year we will use this amount for my Marriage. i want to ask that wheather this is taxable as long term capital gain. if yes then show me the calculation
16 February 2012
Since the asset has been held for a period of more than 36 months, the asset is a long term capital asset and long term capital gain shall arise on such sale.
Computation:
Sale Price 7,00,000
Less: Indexed Cost of Acquisition
60,000*CII of FY 11-12/CII of FY 00-01
LTCG
The balance amount shall be taxable @ 20%.
Computation:
Sale Price 7,00,000
Less: Indexed Cost of Acquisition
60,000*CII of FY 11-12/CII of FY 00-01
LTCG
The balance amount shall be taxable @ 20%.
CA Rushikesh Kolhe
(Expert)
16 February 2012
Whatever Mr. Siddhartha sad is correct. But tell me that what is age of your mother. Does she have any other income? If she do not have any other income then while calculating tax on capital gain she can take benefit of basic exemption limit according to her age. And 20% tax will be leviable on rest of capital gain only.
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