Calculation of Capital Gains

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21 Points Joined April 2018
I and my wife jointly sold ancestral N.A property, purchased before 1961by ancestors,in Oct 2018.area 3500 sq mts for consideration of 1 Crore,TDS deducted 1 lakh,balance 99 lakhs deposited in Bank. Valuation by chartered engg.value of sold property as on 1/4/2001 Rs.36 lakhs
Purchased a flat for Rs 40 lakhs in Feb 2019.Bal amt in Bank.PLEASE CALCULATE CAPITAL GAINS ,AFTER DOING INDEXATION,FOR THE PROPERTY, THANK YOU!!!!!!!
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On 26 March 2019 at 19:10 Report
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SEO Sai Gr. Hosp.
210651 Points Joined July 2016

Indexed cost of property sold itself is 1.01 Cr. So, no capital gains, no need of claiming exemption u.s 54 for house property purchased of 40 lakhs!! Claim TDS deducted as refund by filing ITR of AY 2019-20,

 

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On 26 March 2019 at 19:47
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Practicing Chartered Accountant
2481 Points Joined June 2013
agree with Mr Dhirajlal Sir.
your cost of indexation is already more than sale value.
No capital gains.
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On 26 March 2019 at 21:02


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