Please help me solve this problem-capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 August 2013
Raghav sold gold ornaments on 16-7-2012 for a sum of Rs.10 lakhs, The gold was purchased in 1978 for Rs.60000 by his father.The fair market value of the gold as on 1-4-1981 was Rs. 1 lakh. His father gifted the gold to Raghav on 15-7-12.
He spent Rs. 2 lakhs till 31-7-13 on construction of house property
Deposited Rs. 5 Lakhs on 31-7-12 in capiltal gains accounts scheme
Spent rs. 4 lakhs on construction of house property till the stipulated time.
Compute the capital gains for various relevant assessment years.
Please help me solve this problem.
He spent Rs. 2 lakhs till 31-7-13 on construction of house property
Deposited Rs. 5 Lakhs on 31-7-12 in capiltal gains accounts scheme
Spent rs. 4 lakhs on construction of house property till the stipulated time.
Compute the capital gains for various relevant assessment years.
Please help me solve this problem.
18 August 2013
Hints :
Compute the indexed cost of acquisition on the basis of 1.4.1981 price.
.
U/s 54F -he is required to invest Rs 10.00 lac in residential house to get full exemption.
.
Deposited Rs 5.00 lac in Capital Gains A/c and invested Rs 2.00 in the new property - clearly meant that for AY 2013-14 also he will be liable for capital gains tax. Only 70% of Capital Gains will exempt and on balance 30% he has to pay tax @ 20%.
.
After the stipulated time- if 1.00 lac remained unutilised - then applying the formula given under section 54F - you have to pay tax on 10% of the original capital gain.
.
Compute the indexed cost of acquisition on the basis of 1.4.1981 price.
.
U/s 54F -he is required to invest Rs 10.00 lac in residential house to get full exemption.
.
Deposited Rs 5.00 lac in Capital Gains A/c and invested Rs 2.00 in the new property - clearly meant that for AY 2013-14 also he will be liable for capital gains tax. Only 70% of Capital Gains will exempt and on balance 30% he has to pay tax @ 20%.
.
After the stipulated time- if 1.00 lac remained unutilised - then applying the formula given under section 54F - you have to pay tax on 10% of the original capital gain.
.
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