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Capital Gain
How to calculate capital gain if land 30 years old. And land purchased by grand father.
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net sale consideration - indexed cost of acquisition - indexed cost of improvement = LTCG
add: net sale consoderation
less: cost of improvement if done after 1/4/01
less: indexed cost
{Note Cost Will Index As Per Income Tax Act And Manjulabhen v/s CIT Case.
As Per IT* If Year Of Transfer Is Before 1/4/01 than your base year will be 2001 whose index is 100, if you are selling the asset in AY 18-19 simply multiply by 272.(Revised Base Year)}
less: cost of improvement if done after 1/4/01
less: indexed cost
{Note Cost Will Index As Per Income Tax Act And Manjulabhen v/s CIT Case.
As Per IT* If Year Of Transfer Is Before 1/4/01 than your base year will be 2001 whose index is 100, if you are selling the asset in AY 18-19 simply multiply by 272.(Revised Base Year)}
cost of improvement is also eligible for indexation
for manjula bhen case refer some modules.
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