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Capital gain

suresh s (ACCOUNTANT) (33 Points)

15 March 2013

sir i am a real estate business man. i purchased in 12-05-2010 a land and house for Rs.9,13,800. and sale it on 17 - 08- 2011 at Rs. 11,00,000.00. in 20/07/2011 and 30-03-2012 i purchased another land for Rs. 450000 and Rs. 170000 respectively.

what is the capital gain tax i want to pay.

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4 Replies

VIKAS.A (SOMETHING IS BETTER THAN NOTHING) (1095 Points)
Replied 15 March 2013

SALE PRICE =11,00,000

LESS:COST OF AQUISITION =913800*785/711 =1008907

SHORT TERMCAPITAL GAIN =11,00,000-1008907

=91093

IF EXPENSES ANY FOR THE PURPOSE OF SALE CAN BE DEDUCTED FROM IT.

U CANNT AVAIL 54 DEDUCTIONS AS IT IS SHORT TERM CAPITAL ASSET

CORRECT ME IF I AM WRONG

THANK U

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Neha sharma (-) (1257 Points)
Replied 15 March 2013

I dont think indexation should be done as this is STCG

Mihir (Wealth Manager) (5293 Points)
Replied 16 March 2013

Rs. 11,00,000 - Rs. 913,800 = Rs. 186,200

Capital gain = Rs. Rs. 186,200

Capital gain tax = Rs. 28,768/- (Rs. 186,200 x 15.45%)

CA Anushree jain (CA) (1531 Points)
Replied 16 March 2013

Originally posted by : Mihir
	Rs. 11,00,000 - Rs. 913,800 = Rs. 186,200 Capital gain = Rs. Rs. 186,200 Capital gain tax = Rs. 28,768/- (Rs. 186,200 x 15.45%)