Long term capital gain for f.y.2011-2012
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2011
please tell me for f.y. 2011-2012 long term capital gain for sale of fixed asset can be applicable on sales of immoveable property in f y 2011-2012
if yes how it is to to be calculated at what rate on said transaction for f y 2011-2012 ?
if no how income tax is to be calculated at what rate for the said transaction for f.y. 2011-2012.
if yes how it is to to be calculated at what rate on said transaction for f y 2011-2012 ?
if no how income tax is to be calculated at what rate for the said transaction for f.y. 2011-2012.
11 December 2011
1.Yes LTCG applicable on sale of immovable property like building/land
2. calculation of ltcg
full value consideration= xxx
less- exp. on transfer = xxx
net full value consideration=xxx
less- cost of aquisition =xxx
(after indexation)
less- cost of improvement = xxx
(if any)
Long term capital gain = xxx
3 20% flat rate applicable for calculation of tax on LTCG
2. calculation of ltcg
full value consideration= xxx
less- exp. on transfer = xxx
net full value consideration=xxx
less- cost of aquisition =xxx
(after indexation)
less- cost of improvement = xxx
(if any)
Long term capital gain = xxx
3 20% flat rate applicable for calculation of tax on LTCG
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