Hi,
I sold retail shop for 10Lac in May,2017, purchased on June, 1992 for 35,000.
How the capital gain tax should be computed on above with new inflation index.
Thanks.
Menu
Capital gain - commercial property
Replies (6)
Get valuation of the shop as on 1st April, 2001 from Govt. Approved Valuer....... which will be Cost of aquisition for LTCG calculation.
sale consideration-10 lac
-indexed cost 35000×index of C.Y.÷index of year of acquisition
(35000×272/100)=95200
i hope ur LTCG will be 904800
-indexed cost 35000×index of C.Y.÷index of year of acquisition
(35000×272/100)=95200
i hope ur LTCG will be 904800
In which case, fair market value of property as on Apr 1,2001 is to be considred for cost and then index it? How fair market value of property is to be derived?
It is to be obtained/certified from/by Governmental Approved Valuer.
If i do not obtain valuation report, i should be taking the actaul cost of 35000 and index it, correct?
Can ready recokner rate of that area be used for determining fair market value?
What are options to save capital gain tax?
No you cannot do like that first you have to obtain valuation as on 2001 and then apply indexation
Recent Topic
- ITR-2 Schedule CG: Indexation cost ignored for lan
- INCOME TAX NOTICE 143(2) - FY 2024-2025
- Unable pay Self Assessment Tax - Netbanking and De
- Section 192 2(b) entry in IT return ITR 1
- Rent from redevelopment property
- How to find FMV of inherited gold after selling it
- Happy CA Day!!
- Share your proudest CA moment 🏆
- Gift recd from brother
- How to show Loan write off in DPT 3?
Related Topics
CAclubindia
