10 November 2012
Dear Sirs, I own a residential flat which acquisition Price As on 19/12/2009 was Rs. 7,00,00/- as per Sale agreement. Now I want to sale it on 20/12/2012 @ Rs.26,50,000/- Now I`v a question that how much is the capital gain & the purchaser is asking for full agreement of Rs.26,50,000/- which I think must be less. Now Please inform me that if I purchase a new Flat of Rs.19 lakhs or Rs.20 Lakhs then what amount of agreement should be made for the Old Flat?
11 November 2012
The Long Term Capital Gain arising is 2650000-(700000*852/632)=1656329 . As the cost of new asset is more than the capital gains, you may enter into a sale agreement of Rs. 26.50 lacs. .
CAclubindia
