purchase land 7-12-1979, 43 cents at Rs.4645.00
in 1982 Built a house at Rs. 200000
in 15-02-2012 sale land and house for Rs. 1500000
wat is the capital gain
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Capital gain
Replies (2)
Rs-23170 is capital gain from sale of hp
I think fair value as on 1981 is required for this,
if fair value on 1981 is also 4635,then RS,23170 will be the correct answer,(assuming expenses for sale=0)
SALE PRICE =15,00,000
LESS:COST OF AQUISITION =4645*785/100
=36463
COST OF IMPROVEMENT =200000*785/109
=1440367
LONG TERMCAPITAL GAIN =1500000-1440367- 36463
=23170
IF EXPENSES ANY FOR THE PURPOSE OF SALE CAN BE DEDUCTED FROM IT.
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