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Short term capital gain

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(Querist)
27 March 2017 If an assessee procure a land of Rs-748611, Reg Cost 44960/-in FY 13-14, Cost of Improvement FY-14-15 Rs-848952/- and FY-15-16 Rs-201540/-. sale consideration Rs-2140000/- in the FY 16-17.

Please the amount of capital gain has to pay be the assessee.

Regards
Amit Nandy
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CA Shubhanshu Jain

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CA Shubhanshu Jain (Expert)
27 March 2017 If difference between date of purchase and date of sale is more than 36 months capital gains (long Term) is computed as under

Sale Consideration : 2,140,000

Less :
Indexed cost of purchase : 950,764
Indexed cost of improvement :932,687
Indexed cost of improvement :210,160

Capital Gains : Rs 46,389

If difference between date of purchase and date of sale is less than 36 months capital gains (Short Tern) is computed as under :-

Sale consideration : 2,140,000
Less:
Cost of Acquisition: 793,571
Cost of improvement : 1,050,492
Capital Gains : Rs. 295937 (Taxable at slab rate)
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