I HAD PURCHASE A LAND ON 20/12/2004 FOR RS. 455150/- AND SOLD IT ON 17/07/2007 FOR RS. .714000/- HOW MUCH CAPITAL GAIN WILL BE DEPOSITED BY ME?
I HAD PURCHASE A LAND ON 20/12/2004 FOR RS. 455150/- AND SOLD IT ON 17/07/2007 FOR RS. .714000/- HOW MUCH CAPITAL GAIN WILL BE DEPOSITED BY ME?
If the land sold is an urban land, the taxable Capital gains shall be:
Sale Consideration: 714,000
Less: Indexed Cost of Acquisition 522,475
(455150*551/480)
STCG 191,525
It will be included in your total income and tax shall be computed at slab rates
sir ji lage hath non urban land ke bare mi bata dona to mera bhi mind clear ho jaye.
aur why STCG nt taxed at 10% here?
Hello Sir,
Since the land sold by amar is short term capital asset, how can we give indexed cost of acquisition ? According to me the calculation shall be as follows :-
Sale Consideration : 7,14,000
Less : Cost of Acquisition : 4,55,150
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Short Term Capital Gains : 2,58,850
IN CASE OF STCG ON SALE OF URBAN LAND INDEXATION IS NOT REQUIRED. SO......
SALES CONSIDERATION = RS. 714000.00
(-) COST OF ACQUISITION = RS. 455150.00
STCG = RS. 258850.00
I am sorry.. The answer of pooja is correct. No indexation benefit is available.
I missed it by oversight
CAclubindia
