21 June 2021
Two Brothers purchased a plot in May 2009 for 11 Lacs which they contributed equally. Registration and other charges Rs. 86840/- were also borne similarly. Now they sold it in June 2021 for 35 Lacs. Can you please compute the tax impact on both of them. Thanks for your time.
22 June 2021
If the purchase agreement mentioned equal share for both the brothers then the purchase cost plus Registration Cost/2 is each brother acquisition cost. Apply indexing on this cost .50% of Sale value minus the index cost of acquisition is LTCG
CAclubindia
