Long term capital gain on plot
This query is : Resolved
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.
Can you please compute the tax impact on both of them.
Thanks for your time.
21 June 2021
Capital gain (sale consideration - indexed cost of acquisition) is taxable on equal proportions.
Message likes :
1 times
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
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
