Calculation of LTCG for property acquired before 2001

Tax queries 639 views 2 replies
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Software professional
214 Points Joined May 2011

Hello,

I need assistance to calculate LTCG

Sale price as on 1st January 2020 =. 60 lakh

Brokerage charges = 60000

Purchase price during 1986-87 = 2959

Construction cost of 1986-87.  = 131306

Improvement cost of 2007-08 = 200000

 

Please help me with the calculation of LTCG with explanation for indexing value before 2001

 

Thanks,

Harsha

 

 

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On 13 January 2020 at 21:08 Report
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295 Points Joined March 2017
First you have to take the fair market value of this property from sub registrar office on 2001.
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On 14 January 2020 at 11:03
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Studwnt
1141 Points Joined February 2016
Sale price - brokerage = net sale consideration 5940000

1) COA >Higher of (2959+131306= 134265) or FMV Of 2001
* 289/100

2) ICOA 200000* 289/129

Ltcg = 5940000- 1-2
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On 25 January 2020 at 20:03


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