Ltcg on self occupied property
This query is : Resolved
rajib bhattacharjee
(Querist)
09 July 2012
AS PER CHARTERED VALUER RS.5,25,000/- COST PRICE IN THE YEAR 1981.
SALES REALISATION RS.36,50,000/-AS PER DEED ON 02.04.2011
OTHER EXPENSES RELATES TO TRANSFER RS.55,000/-
COST INFLATION INDEX
1981-82 CII 100 2010-11 CII 711
SO I CALCULATE
425000/-*711/100 = RS.30,21,750/-
SALE VAUE RS.36,50,000/- LESS:55,000/-
SALE VALUE 36,50,000/- LESS RS.55,000/-
= 35,95,000/-
SO,LTCG RS.35,95,000/- LESS 30,21,750/-
= 5,73,250/- TAX @ 20% ON RS.5,73,250 =
1,14,650 PAYABLE
SIR,PLZ.VERIFY MY CLACULATION AND PAYABLE RIGHT OR WRONG FOR LONG TERM CAPITAL GAIN
IF IT WRONG SIR,MY REQUEST PLZ.HELP ME TO CORRECT VERY URGENT BECAUSE I TOTALY HELPLESS.PLZ.SUGGESTED ME I TRUST YOU.
SALES REALISATION RS.36,50,000/-AS PER DEED ON 02.04.2011
OTHER EXPENSES RELATES TO TRANSFER RS.55,000/-
COST INFLATION INDEX
1981-82 CII 100 2010-11 CII 711
SO I CALCULATE
425000/-*711/100 = RS.30,21,750/-
SALE VAUE RS.36,50,000/- LESS:55,000/-
SALE VALUE 36,50,000/- LESS RS.55,000/-
= 35,95,000/-
SO,LTCG RS.35,95,000/- LESS 30,21,750/-
= 5,73,250/- TAX @ 20% ON RS.5,73,250 =
1,14,650 PAYABLE
SIR,PLZ.VERIFY MY CLACULATION AND PAYABLE RIGHT OR WRONG FOR LONG TERM CAPITAL GAIN
IF IT WRONG SIR,MY REQUEST PLZ.HELP ME TO CORRECT VERY URGENT BECAUSE I TOTALY HELPLESS.PLZ.SUGGESTED ME I TRUST YOU.
09 July 2012
The calculation is correct.
the tax liability shall be increased by cess of 3%.
So the final tax liability shall be Rs. 1,18,090.
the tax liability shall be increased by cess of 3%.
So the final tax liability shall be Rs. 1,18,090.
srinivas reddy
(Expert)
09 July 2012
yes. i agree with bhardwaj
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