Plz help ..
This query is : Resolved
18 May 2012
pl find below the details of Smt. Phadke who’s
capital gain tax is to be calculated. Pl. note that she is senior citizen of age 71.
Purchase Sale
Date 05/06/1986 03/02/2012
Agreement Value 17000/- 1400000/-
(Mkt.Value as 111000/-
mentioned in agmnt. )
Stamp Duty paid 1110/-
Pl. guide about the tax liability and arrange for necessary procedure and inform accordingly.
capital gain tax is to be calculated. Pl. note that she is senior citizen of age 71.
Purchase Sale
Date 05/06/1986 03/02/2012
Agreement Value 17000/- 1400000/-
(Mkt.Value as 111000/-
mentioned in agmnt. )
Stamp Duty paid 1110/-
Pl. guide about the tax liability and arrange for necessary procedure and inform accordingly.
18 May 2012
Sale Consideration 1,11,000
Less: Expenses on transfer 1,110
Net Sale Consideration 1,09,890
Less: Indexed cost of acquistion
(17,000 * 785/140) = 95,321
Capital Gain = Rs. 14,569
If she has no other income tax liability shall be NIL.
However, if the amount of Rs. 14 lakhs is deposited in the bank then it is advisable to show the sale price as Rs. 14 lakhs.
Less: Expenses on transfer 1,110
Net Sale Consideration 1,09,890
Less: Indexed cost of acquistion
(17,000 * 785/140) = 95,321
Capital Gain = Rs. 14,569
If she has no other income tax liability shall be NIL.
However, if the amount of Rs. 14 lakhs is deposited in the bank then it is advisable to show the sale price as Rs. 14 lakhs.
Amol S Joglekar
(Expert)
18 May 2012
(Assuming residential house property) Cost inflation index for 1986-87 is 140 and that for 2011-12 is 785. Indexed cost of acquisition = 18,110 X 785 / 140=1,01,545. The long term capital gain=1,11,000 - 1,01,545 (Here is the catch... you have not mentioned Mkt value is of purchase or sale) I have taken it to be SALE???????
18 May 2012
purchase price on 1986 is 17000 and stamp duty paid at tht tym is 1110 sale price is 14lac. her income from other sources is 81000. now wt vl be her tax liability.
18 May 2012
purchase price on 1986 is 17000 and itz market price is 111000 and stamp duty paid at tht tym is 1110 sale price is 14lac. her income from other sources is 81000. now wt vl be her tax liability.
18 May 2012
Sale Consideration 14,00,000
Less: Expenses on transfer 1,110
Net Sale Consideration 13,98,890
Less: Indexed Cost of acquistion 95,321
LTCG Rs. 13,03,569
Less: Unutilised exemption limit
(2,50,000-81,000) = Rs. 1,69,000
Taxable income = Rs. 11,34,570
Tax @ 20% = Rs. 2,33,720
Less: Expenses on transfer 1,110
Net Sale Consideration 13,98,890
Less: Indexed Cost of acquistion 95,321
LTCG Rs. 13,03,569
Less: Unutilised exemption limit
(2,50,000-81,000) = Rs. 1,69,000
Taxable income = Rs. 11,34,570
Tax @ 20% = Rs. 2,33,720
Amol S Joglekar
(Expert)
18 May 2012
Make sure you give these details: Type of Capital Asset. Purchase: Date, Cost, Stamp duty if any. Sale: Date, Agreement value, Market value for stamp duty purpose. I think Siddhartha Bhardwaj has made this amply clear. Hope you got the underlying theme.
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