Applicability of Long Term Capital Gain

ANY IDEA ABOUT COST OF LAND/ PLOT

Full value of sale consideration=18lakhs

(-)Cost of acquisition=NIL(as given by her husband)

(-)Cost of Improvement(i.e cost of construction)=Rs*711(index today)/index on the year 1995-1996

Captial Gain=watever value comes

Exemption Available:

Section 54 :- required to purchase residential house property

Section 54EC :- required to purchase bonds.

Refer above sections for details.

Originally posted by : G.N.JHA
	ANY IDEA ABOUT COST OF LAND/ PLOT

 dear sir,

cost of plot / land is around 8 lacs.

cost of th land /plot was around 8 lac

8 Lacs land + 5 Lacs development cost 15 years back= 13 lacs

13 Lacs *711/281 ( index of 96-96) = 32.89 Lacs indexed cost of property

net realization is much below this value so its capital loss, 

no capital gain tax payable, she can carry forward this capital loss by filing return