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Capital gain

Sushil Kumar Mohanty (Accountant) (137 Points)

04 December 2013

Dear frinds

please calculate the capital gain tax on sale of inheritance property

purchase on the property 25.01.1972 - Rs. 300/-

Sale of the property on 15.11.2013 - Rs. 28819/-

What is the capitan gin tax calculation procedure.

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4 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 04 December 2013

Try to find out the fair market value of the property in the year 1981.

Sale consideration= Rs. 28,819/-

Indexed cost of acquisition= Rs. 300 x (939 / 100) = 2,817/-

Long term capital gain = Rs. 28,819 - 2,817/- = 26,002/-

Long term capital gain tax = Rs. 26,002 x 0.203 = 5,278/-

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Sushil Kumar Mohanty (Accountant) (137 Points)
Replied 04 December 2013

Originally posted by : Mihir
	Try to find out the fair market value of the property in the year 1981. Sale consideration= Rs. 28,819/- Indexed cost of acquisition= Rs. 300 x (939 / 100) = 2,817/- Long term capital gain = Rs. 28,819 - 2,817/- = 26,002/- Long term capital gain tax = Rs. 26,002 x 0.203 = 5,278/-

please send me the details of the tax rate mentioned above 0.203 , i have not examined this rate

Sushil Kumar Mohanty (Accountant) (137 Points)
Replied 04 December 2013

please suggest me how to calculate capital gain without indexsation for Rs. 215000/- , the property sold by son after death of his father & the purchase value of the property do not traceable.