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Capital gain

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ARUN

Articleship

47 Points Posted on 28 January 2014

House Property Purchased - 60,500 on 1964-65

Expenditure made - 30,00,000 on 1999-00

Expenditure made - 1,10,00,000 on 2013-14

Now The House (Partly - Basement & Ground Floor) sold to Builders at Rs. 1,45,50,000/-

and Partly (1st, 2nd and 3red) Retain Himself,

(FMV on 01/04/1981 not Available)

pl calulate capital gain

Replies (5)

Umesh Rijal

Internal Auditor

909 Points Posted on 28 January 2014

Hii, Arun you can go through the following link to calculate capital gain
https://finotax.com/income-tax/cgcalc

Aditya

Dadar

67 Points Posted on 28 January 2014

In my opinion captal gain will be:

	Full value of Consideration		14,550,000.00
Less:	Expenses on transfer		-
	Net Consideration		14,550,000.00
Less:	Indexed COA
	12100(60500/5)*939/100		113619.00
	Indexed COI
	600000(3000000/5)*939/389	1448329.05
	2200000(11000000/5)*939/939	2200000	3648329.05
	LTCG		10,788,052

Mihir

Wealth Manager

5293 Points Posted on 28 January 2014

You will have to find out the cost of acquisition / construction of the basement and ground floor and the year it was done, which is sold to the builder.

CA SUNNY GUPTA

Chartered Accountant

36 Points Posted on 28 January 2014

Dear aditya you should take COA & COI FOR 40% ie 2/ 5 property insteed of 20% ie. 1/5 And accordingly ans will be Rs.7026104.

srinivas

profeesional

93 Points Posted on 28 January 2014

Ya agree with mihir.first apportion coa/coi then we can find capital. if nt assume that for every floor cost incured is same then calculte capital gain